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Mark Abzug

Handling debts and assets in divorce

On Behalf of | Mar 6, 2020 | High Asset Divorce

Amassing assets is common when a couple is married, but this can lead to some very difficult discussions when a divorce occurs. Typically, the property division process in these cases will begin with some of the larger assets; however, this might actually make things more difficult.

Instead of jumping into the assets, it might be beneficial to talk about the debts first. You and your ex can decide how to handle these. You have two primary options for doing this. The first is that you can sell off some assets and pay for the all the debts. This means that neither spouse will have to worry about whether the other one will pay the ones they should.

The second option is assigning each debt to a spouse. Before you choose this, remember that creditors don’t have to abide by the terms of the property division settlement. They can still come after both spouses if one doesn’t pay the bill as long as both are accountholders.

The larger assets can also pose challenges because some can’t be split equitably unless they’re sold. This is where the property division process becomes a balancing act. It might be possible to go back and forth with your ex to come up with an arrangement that enables you to divide the martial assets in an equitable manner by basing how things are split by the value.

It is imperative that you also include the smaller items in the process. Things like the household furniture and appliances can total quite a bit. Using these to balance out the bigger assets can sometimes help to even things out. Just make sure that you’re thinking clearly and making decisions based on what’s best for your needs.