Determine The Value Of The Property
It is important to understand how important a property can be before it can be divided between the couple separating. Sometimes when things are flowing harmoniously in a marriage it is difficult to suspect that anything will ever go wrong. In such a case, spouses often do not bother with understanding or keeping themselves informed of how much the property they collectively own is actually worth.
When an unfortunate incident like a divorce calls upon, it is imperative to tap into the matters that were once ignored. Only when one knows the true value of the property they own can they make a well-informed decision about the divorce. Following are a few ways you can achieve that:
- A very convenient way of keeping oneself updated with the value of a property is by ensuring they are delivered with a well-formed yearly report. This will have you know where your property stands at all times.
- You can hire a realtor or let your already hired realtor to ensure that the property you own is analyzed in respect to the market. This way you can compare and implement the property around your own and make comparisons easily.
- The best way to do it though is by hiring an expert evaluator. This particular individual makes it surprisingly easy for divorced spouses to divide the property with its value intact.
Determining The Fairness In How Property Is Divided
Once you know what your property is actually worth, the next few decisions become even easier. You have to start with determining the total impartiality and then decide how each part of the divided property can be given to each member suffering from the divorce without belittling the rights of the other. Sometimes the property that is being argued over is more of a personal property bought before marriage, sometimes it is bought collectively after.
In the former case if he spouses have invested any money in the property, the value in itself increases drastically. More so, in such a case the property is not divided amongst the two equally. The amount of the appreciation since marriage may be subject to division, but the separate property interest would still be retained by the original owner.
Dividing The Assets Justly
This is perhaps the most important but also the most difficult decision the couple, the judge and the court of law has to make. There are many options that ensure that this particular decision can be made easy for the couple. Some of these options are as follows:
- One can allow a single party to continue to inhabit the property fully. However, in such a case the other party will require proper compensation.
- One party can be provided with assets that make up for their investment in the property over the years.
- Both the parties might have to agree that nothing can be decided immediately and compensation will be met, in time.
Hence, when going through a marriage, it is important to have a professional by your side to who can guarantee that you are making proper and well-informed decisions about how the property is to be divided.
Martha Stewart is the author of this article. She refers to this website to help people decide how to divide property after a divorce.