A divorcing couple faces many challenges when dividing their marriage into two separate futures. From issues centering on their children such as child support and the new parenting plan, to the division of assets and debts, the couple must reach difficult agreements on countless topics.
One significant source of dispute is the ownership of marital property and how these assets will be divided. Some assets could be straight-forward, such as a vehicle purchased together, while some assets might be more complex such as an online storefront that both spouses used to sell merchandise. Here are four common obstacles a divorcing couple might face when working through property division:
- The marital home: Based on fluctuations in the real estate market and countless other factors, the divorcing couple will likely have to decide between three options – sell the house and split the profits, one spouse buys the other out of the property, or they continue to own the property together. Multiple factors go into deciding which is the best option.
- Digital assets: From stored entertainment collections such as music, movies and books, to shared online properties such as social media accounts, blogs and websites, the divorcing couple must carefully examine any online assets and decide who retains ownership after the split.
- Complex financials: While it might be straightforward to divide a checking account, savings account or shared credit cards, there are other complex financial matters to examine. Retirement funds, stocks, bonds, life insurance policies and deferred compensation can all lead to heated discussions over who is entitled to what.
- Debt: From medical debt to IRS debt, a couple will likely share finances over the course of a marriage. Many of these debts can be complex and require numerous steps to arrive at debt responsibility and separation.
It is important to seek guidance from an experienced family law attorney who can answer your questions at every stage of the asset and debt division process.