Dividing your property during a divorce isn't always easy. Though the state requires a 50% split, you may have agreed to a different arrangement with a prenuptial or post-nuptial agreement. Even if you didn't, it's not always simple to divide assets evenly.
Consider the kinds of assets you have. You might have two homes, three cars, a boat, several expensive pieces of furniture and other assets. The problem comes up when you look at the values of these assets.
For example, your assets could add up like this:
- Home 1: $250,000
- Home 2: $440,000
- Vehicle 1: $30,000
- Vehicle 2: $20,000
- Vehicle 3: $75,000
- Furniture: $7,000
- Boat: $25,000
Looking at this, it's not easy to divide things evenly. Even if you kept only the more expensive home and none of the other property, one person would be receiving around $33,000 less in perceived value.
In this kind of situation, you have some choices. You could liquidate assets and split the profits, for instance, which would mean both of you could walk away with approximately $423,500 each. You could also choose to divide assets and then make up the difference between their values with cash.
When you speak with your attorney, one of the things that will come up is verifying the value of your assets. You and your spouse should be eager to have an appraisal on your assets, so you know their perceived values and how to split your property as equally as you are able. Our site has more on property division and what you should do if you're having trouble dividing your property.