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3 important questions about property division

On Behalf of | Oct 7, 2022 | Divorce |

Dividing property is one of the most important things to do during a divorce. As a couple, the two of you have spent years accumulating assets and you have to decide how they should be split up. You may also have separate assets, and you want to make sure that they stay with you.

Depending on the specifics of your situation, it can get very complicated to try to divide these assets. Below are three important questions to ask so that you don’t overlook anything.

What happens to your pet?

If you have a pet, the most important thing to know is that it counts as property. Legally speaking, pets are just assets that you own. In the same way that you purchased a microwave or a computer desk, you paid money for the dog or cat and that has to be factored in. The problem is that this means that the court isn’t going to give you a custody order to share the pet, but will simply assign it as an asset.

What happens to your inheritance?

If you were given an inheritance while you were married, it may be a separate asset or a marital asset. It depends if that asset was commingled or not. If you didn’t mix it with other assets that you own, such as storing it in a joint bank account or an investment account, then it may remain a separate asset. If it was mixed, or commingled, then you may have to share it with your ex.

What happens to your house?

The family home is also a major asset that you’ll have to do something with, and many couples simply split up the money after they sell the house. That is perhaps the easiest way to do things. But if you’d like to keep the house, you may be able to barter other assets with your spouse or buy them out of their ownership percentage. This could require refinancing.

This is just three areas to consider and splitting up your assets. Make sure you know exactly what steps to take and what options you have.