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Mark Abzug

Property division: Costs versus benefits must be considered

On Behalf of | Mar 1, 2019 | Property Division

Going through a divorce means that you have to divide up the assets and liabilities of the marriage. When you are trying to work out the property division terms, you will have to think about the specific ways that each item can either harm your future or help it. Your goal is to be able to hang on to the things that will help you as you rebuild your life.

One thing to remember is that many assets come with costs. If you know that your post-divorce budget will be tight, you don’t need to hang on to anything with an upkeep cost unless it also comes with a way to make money. Remember that you are going to have the only income in your home, so you have to plan accordingly. This could mean bypassing assets you will enjoy but that will suck your bank account dry.

Another fact that you should remember as you are trying to work out the divorce settlement is that you are in charge of your future. The divorce and the terms don’t define you. When it comes to property, you can’t let things set your standards. You might want the marital home, but if you don’t get it, that doesn’t mean that you are a failure. It simply means that your life is taking a new path.

The emotional attachment to the things from your marriage will be great. Remember that keeping those things isn’t going to put your marriage back together. In fact, some assets that you’ve always enjoyed might be a big source of sadness now that your marriage is over.