During a divorce, asset distribution is an important aspect to discuss. However, while dealing with the emotional stress and trauma of the divorce, it can become challenging to deal with the logistical part.
It is essential to discuss a fair asset distribution between both partners. If both parties agree and are ready to make an equitable distribution, this process can become much more straightforward.
However, suppose there is a dispute between the two. In that case, you will have to hire a Milwaukee divorce lawyer to negotiate on their behalf and might even head to the court and ask the judge to split all the material wealth between partners.
How to divide your assets during divorce?
If you and your partner want to divide the assets independently, these steps can help you make a fair distribution.
Make a list of all the assets.
Sit together and patiently discuss all the assets you own and write them somewhere. Noting them down will help you both to divide them fairly. You can include jewelry, cars, properties, and other financial possessions.
While making a list, you can exclude irrelevant things that have personal significance to each of you.
Evaluation of the property
Getting an evaluation of all the shared assets will help you both figure out what amount of property should each one of you get to make a fair distribution. Set an amount limit above which you should consider everything, say between $100 to $500. Assets crossing this limit should then be divided between the two equally.
If you get stuck upon a particular asset, say a house or a business, get another person’s opinion who you both trust and rely on.
Determine who will need an asset the most
While making a list will determine all the assets, it will also be beneficial for you to decide who is the logical owner of each property. Go through the list, see which asset is the most helpful for either of you and then decide on the owner.
Begin with the most valuable properties and assets and see how it goes; if it works out for you, this is the best way to split assist peacefully.
Get it approved by the judge.
If you and your partner have come to common grounds with the distribution, most likely, the court will approve the agreement and dismiss the case. The problem arises when one of the partners without a lawyer has accepted a significantly less portion of the assets.