When two people divorce or separate, they are ultimately the ones who will be most affected by the legal settlements they reach. That said, there are other parties who may participate in the process to help each side pursue the desired outcome.
This is especially true when it comes to financial and property matters.
What happens during property division?
When dividing property, numerous things must happen. You must categorize property as family or excluded so that you know what is eligible for division. You must determine the value of each item. You must also figure out how to separate the property or balance the overall division of assets to ensure it is fair.
When an estate is small and uncomplicated, these steps can be straightforward. However, the process becomes more complicated when the property is complex or sizable. This can require additional help and input.
Who may be involved?
Especially in cases involving highly-valued assets, parties would be wise to have a lawyer by their side to explain the laws regarding property division and negotiate on each person's behalf.
Additionally, depending on the complexity of the assets, the following parties may play a role throughout the division process:
- Real estate professionals
- Specialized appraisers
- Tax professionals
- Business partners
- Trustees or estate planning professionals
These parties can provide insight and clarity on specific properties or issues that can arise in complex property matters. They can help to ensure property is accounted for and properly valued; they can also shed light on ownership disputes.
Don't be afraid to ask for help
With all the resources that can be available to people in these difficult situations, it is important to recognize the value in asking for help.
Most people going through a divorce or separation have never been through this before, and there is no reason to expect them to understand the process. By working with knowledgeable professionals, it can be easier to pursue fair outcomes and feel confident throughout the process.