7 Tips to Help You with Property Division for Uncontested Divorce
Friday, September 1, 2017, 6:00 AM | Leave Comment
There are many advantages to having an uncontested divorces if both parties agree to the need for dissolution of their marriage.
The obvious one is that emotional impact and costs are drastically reduced since attorneys’ fees can add up, particularly if cases are more complex.
Therefore, it is in your best interest to try and settle your terms amicably and work on filing for divorce in Oklahoma.
In this case, once you and your spouse have agreed to important terms, such as property division, alimony, child support, visitation and custody (where applicable) and debt division, the court will simply look over the terms and ratify them if they are reasonable and then grant your divorce.
Property division is one of the more complex terms to negotiate before filing for divorce.
Here are 7 tips to help you navigate this sensitive area to come to an agreement with your spouse.
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List your assets and liabilities
Make a list of everything you and your spouse own. Indicate which items you consider your property and then indicate which items are joint but should be given to you.
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Value the property
You may need professional help to value any of your assets that exceed $500, especially if they are in content. You can use a realtor or appraiser or carry out internet research to determine the value of large items like vehicles, homes and real estate. You can ask your investment services for current values of assets like hedge funds and other monetary investments.
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Don’t fight over everything
Every spouse should make their own list of their properties. On your list, mark off items that you can do without, even though you think they should be given to you. Be willing to compromise, especially on the smaller stuff. In essence, create a wishlist of things you want and a reality list of things you need before going to the negotiating table.
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Don’t hide assets
Don’t try to conceal any assets from your spouse. When they discover this, the mutual goodwill may be compromised and you’ll be on the defensive, even if you’re being completely honest after that. It is better to reveal and then try to negotiate for it.
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Realize you may have to sell
If both parties are unable to agree on who takes the asset, realize that your only option may be to sell it and divide the money between you. Remember that if you want to keep it, you’ll have to buy your partner’s stake in the asset in this case.
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Think about retirement
There are some retirement plans which don’t allow for division of assets in the absence of a court order. Research your retirement plans in order to find out the terms and adhere to them before starting your property division.
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Consider debts
Finally, think about outstanding debts affecting family assets, such as cars or outstanding mortgages. How you resolve debts will depend strongly on the type of debt and the understanding you had at the time it was incurred. For any murky areas when settling your assets and liabilities, you can consult a mediator, which will be cheaper than going to court and hiring attorneys.
