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Determining your property division priorities

On Behalf of | Oct 27, 2023 | Divorce

The process of dividing assets during a divorce is, without a doubt, one of the most challenging aspects of the transition from married to single life. Emotions often run high, and what once was a shared dream can now feel like a battlefield of competing interests.

Amidst the complexity of the property division process, clarifying your priorities becomes essential. If you are seeking a divorce, knowing what you really want – and what you’re willing to give up in exchange for realizing your top priorities – can help to ensure that you avoid common property division missteps and achieve a favorable outcome overall.

Clarifying your position

When starting out, it’s vital to differentiate between emotional value and practical worth. While certain assets may carry sentimental weight, it’s crucial to assess them objectively. Ask yourself, “Is this item replaceable? Does holding onto this truly benefit my future?” Separating emotions from the equation can provides a clearer perspective about which assets are worth fighting for and which may be of less overall value to you as you move forward.

Similarly, while it might be tempting to fight for assets that offer immediate gratification, you’ll want to prioritize those that provide long-term stability — like real estate, investments or retirement funds. These assets can be instrumental in securing your financial future. Working to better ensure that you have access to a mix of assets that suits your immediate and long-term needs can help to shore up your financial stability overall.

Setting expectations

While it’s essential to know what you want, being open to compromise can help to ensure that you receive the assets you really want while allowing your spouse to benefit from their share of the marital estate. Remember, the property division process is primarily about building a foundation for a new start. Sometimes, letting go can be as beneficial as holding on.