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Mark Abzug

The division of assets and debts is important during divorce

On Behalf of | Nov 16, 2018 | High Asset Divorce

The property division process of a divorce is often filled with emotion, but the need for logic is also present. You have to think carefully about how various arrangements will impact you since they can change the course of your life. We know that you might have a list of the assets that you want to keep. Before you go into the first mediation session, look through that list. Decide which priorities on which to focus so that you are prepared going into the meeting.

When you are thinking about the division of assets, consider how they will affect your bank account. Many assets come with upkeep costs and other expenses. For instance, in order to keep the family home, you must have the financial means to make the mortgage payments. You don’t need something that you fought for to become a source of monetary stress.

On top of the assets, you also have to consider the debts. These, too, must be divided along with the assets. Often, people divide their assets first and use the debts to balance things out. Make sure that you don’t get saddled with the majority of the debts and a smaller share of the assets. The goal is a balanced settlement that enables you to get your new life started with as much stability as possible.

We understand that this is all a lot for you to contemplate as you go through such a major life change. We can help you find ways to work things out during this process. Sometimes, it takes creative measures to achieve the best possible resolution.