Dividing Assets in Divorce - Modern Family Law Dividing Assets in Divorce - Modern Family Law
Divorce

Dividing Assets in Divorce

Of the many issues that occur in a divorce, there is one issue that is largely universal: division of personal property, dividing assets. Divorce is a complex and delicate process. Obviously, there is frequently a fair bit of contention and disagreement, but I bet you wouldn’t imagine that dividing personal property can sometimes be one of the most challenging aspects of a divorce. This article looks at some of the reasons behind this phenomenon.

What does Personal Property Entail?

When people enter into a marriage, they form a bond with one another. During the marriage, the couple accumulates wealth, debt, memories, and property. Sounds simple enough right? However, as with many things in life, it can get complicated. The same is true of personal possessions.

Often times, when people purchase an item, the attachment goes far beyond the item itself. For example, you’ve formed countless memories with your spouse or children on that sofa in your living room. Or maybe your spouse bought the lamp on your nightstand on a special occasion. People attach significance to things in their life, and replacement items don’t carry the same sentimental value. As such, it can make things difficult when people divide property in a divorce.

Conserving Attorney’s Fees

Cutting costs and wise use of your attorney is at the forefront of many clients’ minds. When it comes to property division, this is an area rife with the expense and lengthy battles. Now an attorney can likely come up with some clever and interesting ideas for dividing property. However, if you have limited funds, you really need to consider whether this is the best use of your money. If you are able to cooperate somewhat with your soon-to-be-ex, maybe splitting up personal property is a conversation best to have between the two of you.

Psychology of the Finish Line

Often times, when a divorce is nearing its completion, there will be a sudden increase in hostility, disagreement, and contention. Now, there is a lot that comes with a divorce. Mental fatigue and emotional exhaustion are common. Additionally, there is frequently a fear of finality — people get anxious about what happens when their divorce is complete. Sometimes, we’ll see this manifested in sudden contention over personal property.

Generally, this happens because one person is clinging to the past, scared to begin a new chapter of their life. While there are no guarantees that life will be better after your divorce, it’s one of those things that you’ll have to manage. Sure, it may be scary to start anew, and things might seem odd. But you’ll eventually figure it out!

Final Thoughts

Going through a divorce can be intimidating and draining. One of the most difficult areas of divorce is how to fairly split up personal property and dividing assets. However, having the assistance of an attorney can help make it easier. If you believe that you need the assistance of an attorney, take the time to evaluate your options. Modern Family Law can provide you with legal services for all your divorce and family law needs. We proudly offer free consultations with our team of skilled attorneys. So take the time to consider our services, and speak with one of our family law attorneys today.

Posted December 30, 2016
by: MFL Team


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