If you are getting divorced and you were married for less than three years, the process for splitting up your assets should not be too complicated depending upon the financial arrangements that you and your spouse entered into. Here are three ways to prepare for the splitting of your assets.
#1 Car Ownership
If you both owned separate vehicles before you got married, you and your spouse can agree to both keep the vehicles that you came into the marriage with. If you purchased a vehicle while you were married, you are going to need to gather up the loan and payment information. You are going to need to decide together who will get to keep the vehicle or if you would rather sell the vehicle and split the profits from the vehicle if there are any.
#2 Bank Accounts
Second, you are going to need to gather up information about any and all bank accounts that you shared together. If one of you came into the marriage with a large savings account or bank account, make sure that you gather up all bank statements to prove how much money you brought into the marriage and how much was spent during the marriage. Ideally, if one of you brought a large saving account into the marriage, you should be able to keep it once you are divorced. However, any earnings that you or your spouse made while you were together could potentially be split by the two of you.
If you are renting a home or apartment, it really comes down to deciding how you are going to honor your lease. Neither of you should be left to handle the burden of rent and utilities. Determine if you can finish out the lease together. If that is not possible, talk to your landlord to see what fees they would charge if you broke the lease, and see if that is something that you two can afford to pay. If one of you wants to stay in the apartment, you are going to need to arrange to change the lease with your landlord.
If you purchased a house, this is where it gets a little more complicated. You are going to need to gather information on your mortgage, monthly bills, insurance, and both of your incomes. Work with your spouse and your divorce lawyer to determine if selling the home makes financial sense or if one of you wants to take over the payments of the home and pay the other back for their interest in the home thus far.
If you have not been married that long, ideally each of you will keep what you brought into the marriage and find an agreeable way to split the rest of the items up that you accumulated together.
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