A divorcing couple will likely face numerous challenges as they move through the legal process. From negotiations centering on financial matters such as child support and spousal support to negotiations that must take lifestyle changes into consideration such as property division and a parenting plan, the couple will need to reach resolutions on a long list of compromises.
Unfortunately, while property division can seem like a straightforward topic it can quickly become complicated by numerous factors, including:
- Digital assets: In recent years, couples have come to rely on digital assets. These online properties can mean a shared social media account, consumer rewards programs or a digital storefront you both used to sell merchandise. Additionally, couples will likely build a collection of entertainment media including movies, books, music and video games. These properties can be challenging to value and divide.
- Dividing debt: Over the years, a married couple will amass numerous debts that must be addressed when divorce becomes a reality. From the balance carried on a shared credit card to medical bills, this is generally considered marital debt and an equitable split must be found.
- Sentimental property: While dividing the house, vehicles and family business might seem straightforward, the couple might also have to divide property that could have more intrinsic value. A decorative item purchased on vacation, for example, or a memento brought from the former region where the couple lived might certainly mean a great deal to both parties. It can be challenging to reach a compromise when there are heated emotions concerned.
Facing the prospect of dividing one household into two stable, independent futures can be overwhelming. It is wise for both individuals to seek legal representation so they can receive guidance throughout the divorce process.
