A divorcing couple, even if separating is the best option for their futures, will face numerous challenges through the process. From emotional turmoil to financial turbulence, the couple must make difficult decisions regarding custody, parenting time, assets, debts and future financial considerations.
While negotiations centering on the children will always take center stage in the divorce, developing a strong, stable financial future should be crucial to both parties. These negotiations must focus on both assets and debts.
Physical assets
Primarily, a divorcing couple will thoroughly examine physical marital assets. These assets can include the marital home, property, a family business or vehicles. Additionally, the couple might have worked together over the years to build collections such as furniture, clothing, jewelry, books, artwork or antiques. All these assets must be thoroughly evaluated so they can be assigned a value used to arrive at an equitable split of property.
Digital assets
In recent years, couples have found themselves focusing more attention on developing digital or online assets. While these are not physical assets, they still carry significant value. They can include social networking sites, a shared blog, digital photo storage or an online storefront such as eBay or Facebook Marketplace. Additionally, digital assets can include entertainment collections such as movies, music, video games and books.
Debts
Over the course of a marriage, a couple will likely share numerous debts. Whether the debts are tied to a shared bank account, personal loan, medical bills, joint credit cards or a vehicle loan that contains both names. These debts must be evaluated and divided when discussing the larger financial picture including spousal maintenance, child support and property division.
It is wise to work with an experienced family law attorney who can provide guidance through this challenging process. Do not hesitate to discuss your concerns with a legal professional.