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Although you went into your marriage hoping for a happy ever after, things don’t always work out the way you wanted. There is a wide range of factors that cause a relationship to end, from unfaithfulness to realizing you got married too young and too soon, or simply growing apart and no longer being friends, let alone partners. As sad as this can be, you also need to know the best way to split your assets and do it fairly.
Know What You Own
You may own much more than you think you do, so it’s worth poring through receipts, contracts, and other documents to know precisely what you have and want to keep. However, this can be tricky. You may own a house you live in and own other properties which you have established as an investment. If you are planning to fix and flip these properties, you need to decide how much it is worth currently.
There could be some issues with this, especially if you and your partner invested the same (or at least a similar) amount into the assets. If you both establish what you believe you own independently, you can get an idea of where you both stand.
Establish The Value
You may feel some items you have are worth much more than they are. At the same time, some assets could be worth more than expected. This is why it’s important to seek professional asset valuation, so you know how much your assets cost.
There may be some expensive items you don’t care about, whereas cheap but sentimental assets could be more important to you. Remember this when splitting assets. Otherwise, you may lose items that mean a lot to you.
Don’t Wait Too Long
There is a timeline for splitting assets, and this is usually two years from the finalization of your divorce. However, many couples prefer to get it over and done with faster as it helps them move on with their lives, even if the split is amicable.
You cannot wait too long to split assets, so you must start the process as quickly as possible. By doing this, you can relieve yourselves of last-minute stress and even further arguments if you cannot decide who owns what.
Don’t Do It Yourselves
Some couples believe they are mature enough to work out this asset split. But, emotions can run high and things can get nasty. If you want to split your assets fairly, working with the Best Law Firm for mediation and settlements is a solution.
Working with professionals helps you learn everything you need to know and can prevent potential problems, including low-balling and other things your ex-partner may try to trick you into agreeing to.
Split
As much as you and your partner tried to make it work, sometimes things are not meant to be. If you are going through a divorce and want to do everything fairly, these tips should help you split your assets with your partner in a way that benefits both of you. While you may not be together anymore, you can at least show some decorum in finding a solution that works.
