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5 Tips for dividing assets during a divorce
  • By Rachel
  • In Divorce Legal
  • 2020-05-29 09:17:23

5 Tips for dividing assets during a divorce

After dealing with the initial unpleasantness of realising that your marriage cannot be repaired, you and your partner decided a divorce was the next step. You then read our post about uncontested divorce and decided that was the best way for you to resolve the problem in such a way that both parties can move on with their lives as effortlessly and quickly as possible.

But one of the key components of an uncontested divorce is dividing the marital assets up in a way that both parties agree to, before the start of the divorce proceedings. To help you along this, sometimes slightly rocky, road we’ve compiled 5 tips to keep in mind during the process of dividing marital assets.

Tip #1: Work together

This might be hard, considering that the reason you’re in this position might be because you’d like to get away from one another. At the end of the day, calmly sitting down for a cup of coffee while taking inventory of the marital property you’ve accumulated is the best way to start the process. Discuss what your expectations are and be willing to compromise.

Negotiating the divorce settlement

Tip #2: Be honest

Though it might seem tempting – especially if you’re angry or hurt by what you’re going through – it is never acceptable to lie about your assets. It is sometimes a painful process to put together all the necessary documentation needed in order to get a clear picture of the full value of the marital estate, but failing to declare a bank account or piece of property will only result in penalties further down the line.

Tip #3: Be informed

If your split is amicable, it will likely not be necessary for you to resort to quoting the legislation at the other party in anger, but being informed is never a bad thing. Make sure you educate yourself on the most prominent laws governing marriage and divorce proceedings. Brushing up on the necessary legislation will also give you a good idea of what to expect should you fail to negotiate a settlement with the other party… A judge will only see the situation in black and white – he is unlikely to care about the sentimental value you add to the painting above the fireplace. So use this as a motivation for settling the process yourselves.

Tip #4: Think long term

Sometimes divorce settlements can be a minefield for those trying to navigate it – lots of contentious issues arise along the way. Though it is sometimes tempting to see divorce negotiations as a competition where you’d like to come out the winner, you need to carefully consider your financial needs further down the line when negotiating. If you get the house in the settlement, will you be able to manage the mortgage payments and maintenance by yourself? Keep things in perspective and make sure you acquire only what will help you along your path to being financially self-sufficient.

Tip #5: Hire a mediator

There is no shame in admitting that some issues are too difficult or too emotional for you to find a solution yourselves. Some law firms offer a mediation service where a trained professional mediates between the parties involved so that, when the process is concluded, the divorce can still proceed as an uncontested divorce. Once you find that you have stumbled upon an issue that you and your partner can’t manage to see eye-to-eye on, it might be better to take a step back and let someone who is not emotionally invested handle it.

Hire a mediator to take an objective look

We can help you get an uncontested divorce quickly

Divorce Legal can help you by making the process of attaining an uncontested divorce as simple as possible. All you have to do is register as a user on our website, complete the questionnaire, upload the required documents and make the payment for the process to begin. We've facilitated countless successful divorces and, as such, we understand that it is often a painful emotional process that you would like to put behind you as quickly as possible. We will support you all the way.