PRACTICAL DECISIONS BENEFIT YOU IN ASSET AND DEBT DIVISION
One of the most difficult things to do during a divorce is determine who is going to get what. Both sides likely want the assets, but neither wants to have to take on the debt. While you might be tempted to try to get as much as you can during the property division process, you have to remember that many assets come at a cost.
When you are thinking about how to divide the assets, make sure that you consider the upkeep costs for each one you want to keep. This might help you decide whether it is a good idea to try to hang on to it. Sometimes, the costs can be much greater than the benefit to you.
One example of time when you might not need to hold on to an asset is if the marital home isn’t in great shape. There is a chance that by the time you make the mortgage payment, you will have limited funds to cover things like a busted pipe or new roof. You also have to remember that you must pay for other expenses on the home, such as insurance and taxes. All of these can add up quickly.
We realize that it isn’t easy to think about letting some of the items you worked hard for go to your ex; however, you might be able to reduce the financial pressure you have if you look at things from a practical standpoint instead of allowing yourself to remain emotionally tied to the assets. Being practical can help you to get the settlement that will benefit you.