A divorcing couple might agree that their futures would be less stressful if spent apart, but the divorce process itself often contains numerous disputes. The couple might have to work through several negotiations focused on property division, support and custody. It is wise to understand the potential complications that could derail an efficient process.
While not every couple must work through issues of child support, child custody and parenting plans, nearly every divorce requires some level of property division. No matter the types of assets the couple has amassed during the marriage, they will have to address how these properties must be divided in the divorce. Three common factors can include:
- Physical asset division: This is likely the most traditional type of property division a couple will experience. Here, the parties must address their physical assets such as a home, vehicles and various collections. The couple will work together to determine how these assets will be divided and distributed after the divorce.
- Digital asset division: In the last decade, couples have started to place more significance on online properties. Digital assets can include entertainment collections, online storefronts, websites, online currency and stored files. These items must be assigned a value and divided between the divorcing individuals.
- Debt responsibility: Debt such as credit cards, mortgages, vehicle loans and medical bills must be thoroughly examined and assigned payment responsibility. Often, the debt will be split equitably alongside the property division and determination of support to create a clear financial picture for each spouse.
Property and debt division can represent a series of heated debates for many divorcing couples. It is wise to examine everything together to form a coherent picture of what assets and debts will be carried into the future. This way, the divorcing couple can get a sense of the entirety of their post-divorce financial situation.
