Divorce – How to Assess Property Settlements

 Posted on February 20, 2013 in Divorce

Marriage is a collection of years and memories that represent two lives connected. When it happens to dissipate, you cannot take back those years nor the memories; however, the property(s) you have jointly accumulated can be. In some fashion or another.

Hearing "prenuptial agreement" prior to the wedding day makes some shudder, some even loudly explaining how they do not need it at all because their marriage will be perfect and will work. However, with today’s statistics not playing in anyone’s favor, it might be a good idea to look into a pre-nup to ensure what you came into the marriage with leaves with you.

During the process, there are some other things to consider. If both spouses live on the same property, it is important that all the assets have been listed, what their value is and organized by if the property is joint or separate ownership. The taxes of said assets need to be determined.

Financial ties to the properties must be analyzed. If any of the assets will be sold or transferred, do both sides understand the tax consequences? Loans and other liabilities must be reiterated and considered in the paperwork. Overall, all information, small to large, must be stated to ensure the divorce is done smoothly and effectively to make the separation complete.

If you are considering a divorce and need assistance on what exactly to do with your financial matters, contact a Lombard divorce attorney today.