When a couple decides to end their marriage, one of the first things they have to decide is how to divide their assets. This can be a difficult process, especially if there are a lot of assets to divide. A divorce attorney can help make this process easier by providing guidance and advice in accordance with the law. Here are four ways a divorce attorney can help separated couples divide their assets.
1. Step in During Negotiations
After spending many years with a spouse and amassing wealth during this time, dividing your assets can pose a huge challenge. Having to think about who invested in what and how many times you financed each others' investment endeavors is heart-wrenching, to say the least. However, it's crucial to browse through your memory and ensure what belongs to you isn't taken away. Otherwise, you might live to regret it once you get over the separation.
That's why you should engage a divorce attorney and allow them to help you negotiate for what you believe is yours. Your legal representative will present the documents that prove your ownership and interpret the law to prevent your spouse from duping you.
2. Help with Asset Identification
Suppose you had successful investments before you got married, it's crucial that you identify them as assets that shouldn't be divided. This way, you don't end up sharing wealth that is and has always been yours alone. Your legal representative will begin the asset division process by identifying marital and non-marital assets. This way, you can set your non-marital assets aside and ensure that your spouse doesn't lay claim to them.
3. Guidance with Retirement Accounts
Retirement accounts are often one of the most complicated assets to divide in a divorce. They can be difficult to value and may have special rules governing their distribution. A divorce attorney can help provide guidance on how to properly divide retirement accounts so that both parties receive their fair share. This will help avoid any disputes down the road and ensure that each party gets what they are entitled to.
4. Advice on Debt Division
Nothing is more frustrating than leaving a failed marriage with a debt that isn't yours. This is especially enraging if you didn't know about the debt during the marriage. And if anything should incentivize you to hire a divorce attorney, it's so that you can avoid debts that aren't yours. Aside from keeping the debt to the spouse who borrowed it, your legal representative will also ensure that their debt doesn't affect your asset share percentage.
Are you going through a high-asset annulment? If so, then be sure to hire a divorce attorney to oversee asset division. This will ensure you receive your fair share of the matrimonial wealth.
For more information, contact a local law firm, like Reisinger Booth & Associates.