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Want to maintain some level of control over how you’ll split your assets after your divorce? You’ll need to be able to work with your spouse to craft your own agreement rather than leaving it up to the court.
The prospect of collaborating on such a serious endeavor when you are not on great terms might seem overwhelming, but there are ways to make it more feasible. Here are some tips.
- Create a property inventory: List out all the assets you and your spouse own together. This should include physical assets, bank accounts, insurance policies, real estate, retirement accounts, pensions and anything else of value. Determine which items you can both agree will go to one party so you can focus solely on assets where there will be a need for negotiation. Classifying property as marital versus sperate can help you pare down your list of items that you will need to discuss.
- Value the property: To create an equitable property division, you will need to have an accurate valuation performed on your property. Try to find objective sources for valuing property. For vehicles, for example, you can use Kelly Blue Book. You can find professional appraisers for certain high-value items, like real estate, artwork or collectibles.
- Consider debts: Remember that you will also be dividing debts. Determine who has marital or separate debts, and make sure you have a plan to deal with creditors if they come after you for payments that are not your responsibility.
- Get it in writing: Every time you and your spouse reach an agreement, make sure you get it in writing and have an attorney review the agreement before making it legally binding. This will ensure you do not enter into an arrangement that puts you at a disadvantage or results in you giving up too much.
For more information about collaborative divorce subjects, contact an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
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