How Should We Divide Our Assets?
It goes without saying that an important step in the divorce process is the equitable division of your marital property. Although property division between you and your spouse can be resolved relatively quickly and cost-effectively if you do not have significant assets or debts, the task of classifying and dividing property and verifying income are more difficult if complex financial assets are involved. Asset division gets far more complicated if there is concern about hidden assets, or if your spouse is self-employed, has a pension and needs to file for a Qualified Domestic Relations Order (QDRO), or if he has an executive-compensation package. Other tricky situations might involve such things as pre-marital assets, inherited property, or third-party real estate interests. In these cases, the dissolution of your marriage requires extensive analysis and planning.
Although it is sometimes tempting to rush into a quick settlement in order to try mitigating the emotional and financial burdens of divorce, there is a strong likelihood that you might cheat yourself out of significant assets or income. In fact, too often well-meaning parties involved in a divorce case do not have the required financial skills to gain a thorough understanding of the marital estate.
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