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Mark Abzug

Small and large: Property division covers everything

On Behalf of | Jan 18, 2019 | Property Division

Dividing property during a divorce is challenging, but with proper thinking and planning, you might be able to figure out what is going to work for your situation. The most important thing for you to remember right now is that you have to make decisions that set you up for financial success in your single life.

There are many things that you will have to divide during this process. They all fall under two categories – debts and assets. You might already be thinking about the obvious things like houses and vehicles. There are many others like retirement accounts, investments and compensation plans. All of these have to be handled in a specific manner or you face the risk of not getting what you deserve.

In many cases, you will have to hire someone to handle the valuation of the property. This gives you an accurate representation of the assets so that you can use that information when you divide them. On top of the value, you also have to consider how the assets might benefit or harm you in the future. Ones that have a high upkeep cost might not benefit you if you know you will be on a tight budget.

Don’t forget that you also have to divide the smaller assets, such as the kitchen appliances and furniture. Even burial plots and special collections will have to go through this process. Once you have all the assets divided, you can use the debts that must be divided to even things out a bit and fill in any gaps that might be present.