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Divorce: Ways to Divide Assets and Debts

Divorce: Ways to Divide Assets and Debts
Written by
Alex Carlson
Published on
May 19, 2020
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Those who are preparing their divorce docs are about to have tough times mourning over the end of their relationships and worrying about their post-divorce lives. The things may get even worse when they get to dividing their marital possessions and debts.Different couples resolve this issue differently, and those who strive to file a divorce online at OnlineDivorcer service, are usually have more options than those who have their cases going to trial. Usually, judges consider each spouse as a “co-owner” of both the property and debts that have been acquired during their life together. Of course, exceptions may occur, but more often, a court falls back on the “just and right” division principle. Let us say, if your couple has accumulated a huge debt, then it is very likely that both of you will be obliged to pay it off. The same deal with marital property. Even though judges usually make their decisions with the best intentions, very often these decisions are not satisfactory to both divorcees.When you decide to have a quick divorce online, your couple gets a great chance to come up with creative solutions that is, however, impossible when you have your issues resolved in court. You and your ex-partner can pull together to structure your assets and debts in a creative way to find ultimate solutions that work best for you two. Below, there are a few unexpected solutions that can be agreed on without a court and brought to life easily:Leaving the things as they are until better daysWhile the main idea behind two divorcing people dividing all their possessions is to have as few financial strings, which will attach them after they prepare their court divorce forms, as possible, oftentimes, it makes more sense to put the division on hold till better days. Let us say, if real estate prices are dropping, then why would you want to sell your house right away? Probably, you will want to wait until the value of your home will go up and thus may decide to co-own it for some time post-divorce.In your contract, you should specify your responsibilities for maintenance expenses and decide on who will live there in the future. As soon as the housing market improves, you can put your house on sale. Of course, this option is only for those who are sure that none of the parties will ever want to use this sort of co-ownership against the wishes of another party. However, if you and your partner are on the same wavelength, then why not to diminish your losses or even make a profit from selling your property in more favorable real estate market circumstances. Take note that this will not be available to you if you have your case going to court.Dividing all you have acquired together unevenlyAt first glimpse, dividing all that you and your ex have acquired together during your marital life unevenly seems to be unfair, mildly speaking. However, when spouses decide to settle their matters amicably, they usually bend every effort to resolve far many more issues than just their finances. Perhaps, you may want to take on a bigger portion of your marital debt simply because you have already gotten some additional non-monetary benefits as a part of your agreement. These benefits may include a customized parenting plan, sole custody of your kids, a willingness of your spouse to move to another town, his or her promise to keep juicy details of your marital life a secret, and so forth.Selling the marital possessions to pay off the debtWhen in a situation where there are both illiquid property, such as living quarters, and a heavy debt, rather than simply dividing the latter between a husband and wife, divorcees can decide to sell what they own so that they can make some money and pay off if not all then at least a portion of their marital debt.You can do just the same if you want to improve your post-divorce financial shape so that you can make a fresh start more easily. For this, you and another party should pull together to seize the opportunity and sell your belongings under favorable conditions to maximize your gains and pay off your debt in full or its bigger portion.The above-mentioned unexpected solutions are examples of ways divorcees can resolve their financial issues through peaceful means without a court. Of course, you can benefit from these solutions only if you and your “almost” ex are on good terms and are willing to cooperate. When you two owe too much and your possessions have a negative net worth, then you probably should seek professional help from financial advisors, lawyers, etc.featured image unsplash.com

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