No one likes to think about their marriage ending, even if the marriage leaves a lot to be desired, but there are times where a divorce is the only viable solution. In these instances, if a person is considering filing for divorce, or a couple has decided to get a divorce, there are a number of things that need to be attended to. One of the most important aspects of any divorce, regardless of how amiable or contentious a divorce happens to be, are finances.
The Dividing of Assets
Often times, the dividing of assets can be a huge stumbling block to a divorcing couple creating and agreeing upon a divorce settlement. Agreeing to dividing assets can be a challenge, but unfortunately, discovering individual as well as marital assets can be an equally challenging task.
For that reason, a divorcing spouse or couple should work at documenting all the assets each spouse has as well as getting documentation on any joint or marital assets. Knowing these assets can make it easier to identify them.
Dividing of Individual and Marital Debts
It’s also important to understand that while a divorce settlement will work to divide assets, the settlements will also include the division of debts. In a perfect world, a couple wouldn’t have much in the way of debt, and in some cases, this is true. However, since financial difficulties are a leading cause of divorce, it’s likely that many couples will have a fair amount of debt to divide.
Documenting individual as well as marital debt will be helpful. The reason for this is that the courts can assign debt to either divorcing spouse, regardless of whose name is on the account.
While there is much more to a divorce agreement than money, it can be a huge stumbling block. Documenting assets and debts can help bring everything to the table and oddly enough, this can foster an environment where a divorcing couple can work out an agreement, even when the subject is a hot button issue like money. To learn more about these and other divorce related issues, you may want to check out divorceattorneystulsa.net