Going through a divorce can be one of the most difficult experiences in a person’s life. Not only is there the emotional stress of separating from your spouse, but there are also often complicated financial issues to deal with. One of the most important aspects of divorcing fairly is dividing your assets equitably. This can be a daunting task, but with careful planning and some expert advice, it can be done. In this blog post, we will discuss seven tips for successfully dividing your assets in a divorce.
7 tips to successfully dividing your assets in a divorce:
- Make a list of all your assets and their values. This includes everything from bank accounts to property titles to investments.
- Agree on who will get what assets ahead of time. This can help speed up the divorce process and avoid any disputes later on.
- If you have children, be sure to take into account their needs when dividing assets. This may include setting up a trust fund or ensuring that both parents have adequate financial support.
- Get professional help. A divorce lawyer can help you understand the law surrounding asset division and ensure that you get what you are entitled to.
- Be aware of common myths about divorce lawyers and asset division. For example, many people believe that you have to split assets evenly, but this is not always the case.
- Remember that the value of an asset can change over time. So if, for example, one spouse agrees to take on a debt, the value of their assets may need to be adjusted accordingly.
- Be prepared for negotiations. In some cases, the spouses may not be able to agree on who gets what, and a court order may be necessary.
Divorce can be a difficult process, but with the right planning and advice, it doesn’t have to be financially devastating. By following these seven tips, you can make sure that you come out of your divorce as fairly and financially secure as possible.
Is the division of assets different when there are children?
Yes, the division of assets can be different when there are children involved. Often, one parent will be designated as the “custodial parent” and they will receive primary custody of the children. The other parent will usually have visitation rights and a financial obligation to support their children. In some cases, the parents may agree to share joint custody, in which case both parents would have an equal responsibility for the children’s care and finances.
What the law says about dividing assets in a divorce
The law surrounding asset division can be complicated, so it is important to seek professional help from a qualified lawyer. Generally speaking, the courts will try to divide assets equitably when couples divorce. This means that each spouse will receive a fair share of the marital property, taking into account things like their income and contributions to the marriage. However, it is not always necessary to split assets evenly. The courts will take into account a variety of factors when making a decision about asset division, so it is important to have an experienced lawyer on your side.
Five myths about Canadian divorce lawyers
There are a number of myths circulating about Canadian divorce lawyers and the process of asset division. Here are five of the most common ones:
Myth #01: You have to split your assets evenly in a divorce. This is not always the case. The courts will take into account a variety of factors when making a decision about asset division, so it is important to have an experienced lawyer on your side.
Myth #02: A divorce lawyer will cost you a fortune. This may be true in some cases, but there are also many affordable options available. Speak to a few different lawyers and find one that fits within your budget.
Myth #03: The divorce process is always bitter and contentious. While there may be some disagreements between spouses, most divorces can be resolved amicably with the help of a good lawyer.
Myth #04: I’ll have to sell my house in order to pay for my divorce. This is not necessarily true. There are a number of ways to fund a divorce, and selling your house is not always necessary.
Myth #05: I can’t get a divorce unless my spouse agrees. This is not true. If one spouse wants a divorce and the other does not, the person who wants the divorce can file for it without their spouse’s consent.