By Jeff J. Horn – Divorce Attorney
Introduction
Even if you divorce well, you lose half of your stuff. Division of assets is a business transaction. The court uses value as the measuring stick. It considers your assets but aims to divide them evenly. If you want to keep a certain asset, its value will be factored in when the court divides the other assets.
What Are My Assets?
Typically, divorcers have a home, cars, pensions, and some toys and investments. Entrepreneurial America has fostered small businesses. Many of our friends and neighbors own businesses. These businesses may involve a spouse’s trade or profession, like carpentry, plumbing, or accounting. Regardless, they are businesses and must be considered in family law.
Things That Are Not Considered
Clothing, household effects, personal items, food, non-unique artwork, most furniture, household tools, and lawnmowers are usually not considered. These items may be important to you, and dividing them fairly is essential to restarting your life. We do not take children out of their beds or separate them from their rooms or furniture to divide things evenly. Courts are not interested in dividing your personal stuff. If you and your spouse cannot agree, the court will order the items sold at a garage sale-type auction.
Don’t Try to Hide Assets
During a divorce, you must disclose your assets. If they were accumulated during the marriage, they need to be disclosed. Whether they are jointly titled or titled in either your name or your spouse’s name alone. Hiding assets is a fool’s game. It never works. It always results in mistrust, costs both parties more money, and harms future good faith. Furthermore, you usually get caught.
Conclusion
Divorce means dividing everything, and transparency is crucial. In family law, trying to hide assets can backfire and lead to complications. Understanding what counts as assets and what doesn’t can make the process smoother. A family lawyer can guide you through this process, ensuring a fair division and helping you avoid pitfalls.
Asset Trade – Divorce Best Practices
Thanks to Horn Law Group, LLC interns Noah Hilsdorf and Dillon Uhrig.