Property Issues during a divorce

During divorce property issues are considered to most be most complex and confusing. Property issues during divorce would have to be handled in a matured and fair manner.

Property Issues during a divorce-

While deciding on property issues during a divorce, it would be better to decide the same between you and your husband. If you and your spouse cannot decide on your own about the division, the judge would help you ease out the situation.

During property divisions and transactions-

During property divisions and transactions it would be most important to be honest and truthful about every single asset. Everything should be in the open about what you own and the value about the same.

Avoid hiding issues in regard to bank accounts from your spouse. The penalties in regard to hiding any issue or aspect would lead to further penalties.

Dividing property yourselves-

If your spouse and you feel the most suited way to divide your property on you own, you can begin the procedure with.

Make a list of all your belongings: Work along with your spouse and make a list of all the items which you own jointly. While making a list you can omit things which are personal and are not of any significant value.

Value the property: Get an approximate value of the property. If getting a value for the property is difficult like in the case of business or house, you can take the help from an outside authority. To get the value done for your house, you can choose a realtor who has knowledge about the market value. If you have antiques in your house, you can hire a professional appraiser. If there are standing debts on a particular item, you can subtract the debt to know the actual value of the product.

Settle on the logical owner: Go through with your list, item by item. You can start the process by the biggest value items. Work towards getting an equal split. You should be aware of the total value of the items what each person owns and accumulates. After the big value items are decided on, you can later start with the smaller items.

Supplementary techniques-

Hold a garage sale and the divide the proceeds what you get in an equal and fair manner.

Consider bids: Consider bids on items of substantial value such as an expensive car, business and the house. Get each spouse to submit a sealed bid, thereafter when the bids are open the highest bidder gets to keep the item. After the process an equalizing payment is made.

Hold an auction: It would also be beneficial to hold an auction. Hold an auction with a neutral person who would work as an auctioneer and the spouses would be the only bidders who are allowed during the auction. Any bids which are increased should be at a minimum percentage over the previous bid.

The most important aspect to remember while deciding on property issues is to identify everything owned and everything obtained during marriage.