How can you handle property division with your ex?

Jun 16, 2021 | Firm News

When you live together for years, you will undoubtedly begin to merge finances and collect assets together. In some cases, you may discuss what may happen if you split up. While some people have a contract in place, many do not.

According to Huffington Post, dividing assets can become complex, especially if you have children involved.

Rent a P.O. box

If you do not have a new place to stay yet or if the two of you have not settled on who keeps the home, then you should still rent a P.O box. You can change your mailing address temporarily so that your financial documents and other statements go to you rather than to your spouse. This is one of the first steps of separating your finances.

Split your assets and possessions

How long you and your spouse remained married may determine how many possessions you have to divide. One way to shorten the process is to remember that if you or your spouse received a gift, the receiver should keep the gift. There are going to be some assets that are easy for the two of you to agree on. Furniture, appliances and the family home may be more difficult.

You do not have to keep to any rule if you do not want to. For example, if you bought a piece of furniture before you married but your spouse loves it and you do not care about it, you may give it to him or her.

When you both want an item, you may ultimately have to sell it to split the proceeds.