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How do you divide your assets?

If you're ready to get a divorce, the one thing you may be most interested in is how your assets will be divided. This division has the potential to make or break your financial stability, so it's important that you know exactly what will happen.

Assets aren't always split equally. Instead, they're split equitably. This means that the assets are split up in a fair manner. The court likes to see individuals who develop a separation agreement with asset division that is fair. Normally, anything you agree to will be approved by the court unless it is unfair to the point that the judge feels the need to alter the arrangements.

The first thing you should know is that if you have separate property, that property won't be divided when you get a divorce. For example, did you have an inheritance that you brought into the marriage but kept in your own separate, private account? It's likely still your separate property. Comparatively, if you took that money and placed it into a shared account, it would now be considered to be marital property.

It's usually in your best interests to talk to your spouse about how you want to divide your assets if you don't have a prenuptial agreement. If you do, then you should already have an idea of how your assets will be divided and only need to talk about the items not discussed in your prenuptial agreement. Your attorney can help you review your particular case and look at your assets to determine if there is a manner in which you can divide your assets fairly.

Source: Forbes, "Understanding How Assets Get Divided In Divorce," Jeff Landers, accessed June 06, 2017

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