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Assets to address during the property division process

When couples in Florida decide to get married, they often believe they are both in it for the long haul. Unfortunately, roughly half of all marriages do not make it. Therefore, it is important to consider the possibility of divorce prior to and during the marriage. This could help divorcing couples understand in advance how the process could impact them and, particularly, how the property division portion of the divorce will play out.

To most spouses, many items can seem to be important assets and property. While many things hold sentimental value, there are seven vital assets to split during dissolution. The first one is the family home. This can cause some grief for some, as it is easy to be attached to the family home. Additionally, if children are involved, the parent with primary custody will likely attempt to keep the house. Sometimes the best way to resolve this is to sell the house and split to proceeds.

Motor vehicles can sometimes to problematic to deal with in a divorce. If a vehicle is shared or both names are on it because the costs were shared, it can be complicated to split. In these matters, it is best to determine who needs which vehicle the most and possibly buy out the other spouse if the other spouse funded the purchase.

Other items to address during dissolution include furniture and household items, artwork and collectibles, a 401(k) account, IRA account and a nonqualified brokerage account. While other properties and assets might seem important, and they very well might be, these are some critical assets to address during the divorce process as it could result in post-divorce issues.

It is never easy to walk away from a marriage with less than you are accustomed to living with; however, property division is a necessary step to take during divorce. Those dealing with these family law issues should be sure to understand their rights and how best to resolve them. This could help a spouse avoid complications and unnecessary disputes.

Source: Madison.com, "How to Split These 7 Assets During a Divorce," Maurie Backman, Dec. 7, 2017

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