A few things to know about asset division
Asset division usually involves a lot of emotions. It is very difficult to let go of your possessions, especially when the process is mixed with separating from a spouse and dissolving your marriage. This article will discuss several things about asset division that usually only divorce attorneys are aware of.
First, try not to let your emotions affect your financial decisions. For one, do not let an ex-spouse guilt you into giving up more than your rightful share in your divorce process. In addition, do not let vengeful emotions cause you to become overly aggressive in the divorce process. Both these situations could turn out working against you. The best policy is to stay fair to yourself and your ex-spouse regardless of how you feel. A skilled divorce attorney may be able to help you keep your emotions out of the decision-making process in this regard.
Second, realize that all assets could potentially be subjected to asset division. In addition, so are liabilities. Your spouse’s credit card debt may be just as much yours as his or her bank account happens to be.
Third, if you’re thinking about making a big purchase like buying a car, you might want to do it prior to filing your divorce. In a lot of states, automatic financial restrictions will apply to big purchases and big liquidations immediately following a divorce filing, so it could be a good idea to take care of big purchases and sales before the divorce papers are submitted to the court — or at least talk to your attorney before making such a transaction.
The financial aspects of a divorce only get more complicated when couples have more money, and this can make a divorce costlier and longer. At Kainen Law Group, we work with Las Vegas residents to assist them in navigating high asset divorce proceedings, and we are available to talk with spouses about their marital situations in a free, first-time consultation.