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Mark Abzug

Property division matters can affect your new life

On Behalf of | Apr 29, 2016 | Property Division

Throughout a marriage, couples usually accumulate possessions and assets. In many cases, both parties work hard to get the things they have together. If the marriage begins to fail, there is a chance that a divorce will occur soon. One aspect of divorce that is necessary is dividing up all those assets and possessions that you acquired during your marriage.

In many cases, property division matters can be settled through negotiations. That is usually the best option since you will have some control over what happens. The difficulty of reaching a settlement depends on a variety of factors, including the willingness of you and your ex to work out the settlement.

The assets and possessions that are being divided determine the steps that must occur in order for the property to be divided. Some assets, such as real property and business holdings, can be complex. In most cases, you will need to know the actual value of these assets.

When it comes to other assets, such as stocks, bonds and retirement accounts, you must consider how those will perform in the future. Simply knowing the current value of these items won’t do much good.

As you go through the property division process, you have to consider the expenses that you will face for each asset. For example, if you get to keep the marital home, you will have to pay for property taxes and upkeep on the home. That must be taken into consideration. You should also take the bills and liabilities that you will be accountable for into account at this point.