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The word 'half' can be pretty scary in a divorce for most spouses. 'More than half' can even make you start thinking about how to do foolish things like cooking the books to make your business look less profitable.
Do not assume everything will be divided 50/50 if you are getting divorced. If this were possible, most spouses could probably handle their divorces and divorce law specialists would be looking for other jobs. Before you do anything foolish:
Consider Hiring a Divorce Lawyer and a Forensic Accountant
Dividing the family property during a divorce can be quite daunting especially if there are significant assets like a rental property, houses, brokerage accounts, or retirement and pension plans.
Deciding who will get what can be a big challenge. Consider hiring a divorce lawyer and an experienced forensic accountant who will work hand-in-hand to take you through the entire process without feeling one person will get more than the other.
Understand the Factors That Influence Property Division
Marital assets and debts are rarely split 50/50. The process that the court uses to decide what is equitable can be tiring. There is a list of things that it looks at before reaching an equitable decision.
These factors can include the length of the marriage, the age of both spouses at the time of divorce, current property value and the marital fault. Aside from these, the court may also have to consider both spouses retirement benefits, potential earnings and the expenses and debts of each spouse.
Consider the Children
If you have children, the court will consider their needs first. This, therefore, means that your spouse will likely get more than 50% of the marital assets and less than 50% of the family debts to reflect the sacrifice of earnings.
Attend Mediation
Very few divorce cases make it to court. Most spouses prefer making negotiations outside the court through mediation. You may also consider involving your family lawyer when making negotiations of who should get what.
As part of the negotiation process, different assets may be 'offset' against each other so that the property doesn't get sold or investments cashed.
Take Advice
Because family finances are rarely split 50/50, it is important to take advice from a divorce lawyer from firms like the Grafton Law Office to understand how much each spouse will get. Rather than thinking emotionally, you'll need to think financially before making rash decisions so that you can keep your finances intact during the proceedings.
Share5 December 2017