Separating shared assets during divorce is not always simple, especially when a significant portion of time passes between the date of separation and the date of divorce. Luckily, an established Norwood family lawyer may be able to assist soon-to-be ex-spouses with quickly and equitably separating assets.
Complications to Asset Separation
Many factors can complicate asset division. For instance, because of the time lag between the dates of separation and divorce, some assets are worth more at the time of divorce than when initially appraised at the couple’s separation. This presents a problem: is it more appropriate for the divorcees to split the asset based upon its value at the time of separation or its worth at the point of divorce?
A Norwood family law attorney can work with clients to navigate these types of issues and determine the best course of action based upon state law and case precedent.
Negotiating Asset Division
Sometimes asset division comes down to simple negotiations between both parties. For example, if one spouse incurred the majority of the cost to restore the couple’s home to salable condition, the divorcees can collectively decide that he or she should receive an appropriately larger portion of the money produced by the sale of the house.
The former spouses can then avoid going to court to divide their possessions, possibly speeding up divorce proceedings and avoiding unnecessary expenses.
Consult an Expert
Stephen McDonough of Next Phase Legal is an experienced Norwood family lawyer who is well-versed in asset separation. If you are wondering about property division during your divorce, don’t hesitate to call (508) 359-4043 for a consultation today.