Avoid Making the Following Mistakes during Asset Division in a Divorce
Division of assets is a necessary process of a North Carolina divorce. The process may seem straightforward, but often more complex than you anticipated. Property value, tax implications, manner of wealth accumulation, and other things always bring these complications that make divorcing challenging. Moreover, how you divide the assets can impact your future. Therefore, if you divide assets, you must do it correctly. You also need to know common mistakes people make during asset division and avoid them at all costs. This article will discuss four mistakes to help you avoid them to prevent more complications during the process and in the future.
Refusing to Disclose Your Assets
Understanding which types of property are divisible in a North Carolina divorce is crucial to ensure you disclose all of them. When facing a divorce, you must list your debts and assets. Don’t assume you will get away with hiding your property. Remember, it is against the law to hide assets. Moreover, it makes divorce more argumentative. Evidence that you have hidden some properties may show in your tax returns, bank statements, loan applications, and other records. So, avoid the strenuous process by disclosing all your assets.
Miscalculating the Value of the Assets
Properties hold different values, and a settlement is made based on these values. So, the best way to ensure the properties are split fairly is to calculate the value of the assets. For instance, you may fight about who will keep your car, only to realize you cannot keep up with maintenance costs in the future. So, consider the value of the property you are dividing. Some appreciate, and others depreciate, and knowing the value will ensure a fair division.
Not Negotiating a Fair Settlement
Reaching a fair settlement requires patience, time, and understanding of what you are dividing and what it means to you in the future. The answer to arriving at a settlement is not letting your ex-spouse walk all over you. Don’t be stubborn and give room for negotiations. Refusing to compromise may cost you other fees but don’t give your spouse everything. The best way to handle this and reach a fair settlement is to work with an experienced divorce lawyer. The professional will help you agree without causing a lot of issues.
Acting Out on Emotions
The divorce process comes with a lot of emotions. You may feel frustrated, betrayed, and fact that you have wasted a lot of your time. There is no denying that these emotions can blind your reasoning, resulting in making the wrong decisions. While it might feel crucial to let your feelings and emotions known, it is best to suppress and control them when making decisions. You may lose everything or a good share of the wealth if you act without thinking it through. It is also possible to get penalized or face criminal charges based on your behavior. So, control your emotions and let the lawyer do their job.
Summary
The biggest mistake you can make during property division is not consulting an experienced lawyer. Legal counsel can go a long way to ensuring you get a fair settlement and don’t make the wrong choices.
