Divorce not only separates both spouses but also divides the properties and assets among them. Several factors are considered for property division in a divorce. Most people might not be aware of the factors involved in a divorce. Such is the case with property division. Generally, spouses do not know how to prepare for property division when filing for a divorce.
It would be advisable for each spouse to be aware of some common tips about preparing for property division before the divorce. You can also consider hiring a Milwaukee divorce lawyer if you need professional help regarding property division.
Common tips for preparing for a property division:
The first step is to make a complete list of all the assets. You should always be honest and entirely transparent about the number of assets or properties you own and list all of them accordingly. Lying about ownership of assets or properties is unlawful.
If your spouse found out that you did not disclose some assets during the divorce, the chances of your case being reopened by a judge will significantly increase. One might face penalties or fines as hiding assets to avoid property division is illegal.
One should continually evaluate and determine the asset’s value based on the actual market value. Many people consider the value of an asset based on the amount of its purchase. If you find it difficult to assign value to your assets, you will likely need to hire an appraiser for some assets like your house.
- Identification of assets
Identifying marital or separate assets is a critical tip for preparing for property division. Whenever a spouse claims that they acquired a purchase during the marriage as part of their individual property, they will likely prove it in front of the court.
Evidence might be required in such cases. You will be needed to back your claim or the acquisition of assets by providing the source of the asset or the funds for purchasing it. You must evaluate each asset with the help of your spouse if needed.
- Legal Help
A wise decision would be to hire a lawyer in Milwaukee and use their guidance and help for the property division. A lawyer will help you identify assets, assign a value to each asset, and discuss terms with your spouse. The prime benefit of hiring a lawyer is that they can help you get the court’s approval for the property settlement agreement.