Every aspect of divorce can invoke an emotional response, but succumbing to those emotions can lead to you making decisions that aren’t in your best interests. The property division process is one of the prime examples of this.
You’ll have to divide everything you acquired during the marriage. This includes things that you may have emotional ties to, such as the marital home. Instead of letting those emotions rule, you have to think about the logical considerations for these items.
Consider your finances
One of the primary considerations when you’re looking at the situation logically is whether you can afford it or not. Remember, you’re going to have to pay for everything yourself using only your income. Even if you receive spousal or child support, it’s a good idea to try basing your budget on only your income in case those payments are ever late.
As you’re thinking about whether you can afford specific assets, you must think about all the costs included in keeping them. For example, you may have to refinance the mortgage on the marital home, which can come with a fee. You also need to pay insurance, utilities, property taxes, maintenance and repair costs. You’ll have to cover the homeowners’ association fees if you live in an HOA.
Factor in other aspects of property division
When you’re handling property division, you’ll likely have multiple assets to think about, but there’s another thing to divide – debts. As you’re working through the property division process, remember that you and your ex will likely use debts to offset differences in asset division. This can add to your monthly liabilities, so you must consider those carefully.
Ultimately, you have to do what’s in your best interests for property division. Because it’s easy to fall into the emotional pull of some assets, it may behoove you to have a legal representative on your side who can help guide you toward logical options that can enable you to start your new life off on the best financial foundation possible.
