Life is ever-changing. One minute you’re flying solo, the next you bump into the love of your life. One minute you’re enjoying a luxury vacation on the Greek island of Santorini [1], the next you’re planning a family trip to Disney World in Florida.
There are, however, unexpected changes that aren’t so pleasant, such as the end of a marriage. So, seeing as we’ve made hundreds of articles over the years on how to build the perfect family home [2], it makes sense to offer the same assistance for couples who have come to the end of their relationship.
In the spirit of providing purely practical advice, we’ll leave the relational aspects of divorce to the experts. What we want to do is offer some advice on what to do if you need to split your assets.
Some Dream Homes Don’t Last Forever
People often assume that divorce means lengthy court battles and the forfeiting of any decision-making power to a judge. That’s true in cases where couples can’t agree on terms. However, it doesn’t have to be that way.
A divorce financial settlement refers to an agreement between divorcing spouses about how their assets and financial responsibilities will be divided. While couples can negotiate a settlement between themselves or with the help of legal representatives, the agreement only becomes legally binding once it is approved by the family court in the form of a consent order. Reaching a financial settlement can help avoid lengthy and costly court proceedings. Solicitors play a crucial role in advising clients, negotiating fair terms, and ensuring the agreement protects their legal rights. They can also help clients navigate mediation or collaborative law processes if needed.
Then, depending on where you live, a signed agreement is all you need. Alternatively, if you’re in a state such as California, you can present your terms to a judge who will ratify them [3]. These are the types of things a legal expert can help with. However, before you enlist their services, it’s worth taking stock of what you own and who wants what.
The Best Way to Divide Your Assets
Naturally, each couple’s needs will be different. But, as a general outline, here are some of the most common household items people typically need to think a little harder about in terms of how to split:
- Car
- Furniture
- Jewellery and collectables
- Tech, such as TVs and computers
- Pets
- Bikes and other leisure-related possessions
Those are just a few of the types of assets most married couples will possess in one form or another. How you divide them up is a matter of personal preference, but these tips should make it a little bit easier:
- The purchaser – the person who bought the item will, in most cases, retain possession of it. If it was a joint purchase, consider who paid the most towards it or who needed/wanted it.
- The main user – if someone relies on the car, for example, it may be best for them to have it.
- Dividable assets – if the asset can be shared equally, this is often the best solution for everyone.
If it’s possible to discuss things in private using the three points we’ve listed, it will make things a lot easier when it comes to drawing up a settlement. If not, it may be best to let your legal representatives iron out the wrinkles.
As a last resort, divorcing couples may opt for a court hearing and let a judge decide. However, if the split is amicable, a financial agreement is preferable because no one is left feeling shortchanged.
When you’ve spent years building the ideal home, making sure both parties are happy is the most important thing. So, if you can, use the advice we’ve given you to reach an agreement.
Further Reading
