If you consider it from a financial perspective, divorce can get messy. In between tasks like dividing assets, abiding by the state laws, decluttering your finances from that of your spouse can get complicated. Did you both, as a couple, have enough assets together? If yes, you will have to divide the money equally.
When you are in a bitter relationship, the division of assets can become the most unwanted task of your life. This is when you may have to seek the help of an Ohio high asset divorce attorney who can guide you through the right process. In case your ex-spouse agrees on dividing the most contested assets, the divorce will proceed more smoothly. Here are a few things to keep in mind.
All is fair in love but not in divorce
Dividing a home, a car, high worth collectibles, security, household items, and retirement benefits is a difficult task. Much before the court grants your divorce, the assets should be divided in a satisfactory and organized manner among both parties. Since state laws vary, you have to first comprehend the laws on the division of assets in a divorce. Different states have different regulations to apply to the fair distribution of marital assets.
Prepare a list of assets and cross-check it
In a pending divorce, the first course of action would be to make a total list of all the assets that are jointly owned. Make a fair and honest list together. Items should include any joint real estate property like the home or some other vacation home, bank accounts, cars, securities, household items, and valuable collectibles.
Play safe if you can
Whenever spouses are able to make a list in a friendly manner, they can bar themselves from falling prey to the extremely slow process where a court determines the rightful distribution of assets. Spouses usually communicate through their personal attorneys and if both can come to an agreement together, they both can sign the property division agreement to get the divorce granted.
Yes, disputes may arise but only when the spouses aren’t in an agreement. This is when a divorce mediator or an attorney has to be hired for the proper handling of this task. In order to understand which property is involved in the case, the attorneys can question the spouses, ask for documents and ask for depositions to confirm ownership. Remember that formal disclosures complete the process but they can take time.
Dividing bank accounts
Couples usually have at least one joint account and when you sit to untangle your assets, this bank account should be your top priority. Start off by making a list of all the accounts, irrespective of whether they’re jointly owned. If you still share a friendly relationship with your spouse, you may visit the bank together to close the accounts.
Therefore, when you’re thinking of filing a divorce, you should keep in mind all the above-listed things in mind. A small mistake could backfire you in the long run; hence you need to be careful.