Divorcing couples must navigate numerous arguments and heated differences of opinion. While considering support and parental responsibilities, the divorcing couple must also explore asset and debt division before embarking on their new, independent futures.
Clearly, every divorce is unique based on the characteristics of the marriage itself. Additionally, the couple could face challenges unaccounted for in a prenuptial agreement. Even though every divorce is different, there are certain factors that can prove problematic, including:
- Digital assets: While the couple will likely first focus on tangible assets such as the marital home and shared vehicles, they must also discuss digital assets. These can include online shopper rewards, social networking sites, online entertainment collections or a digital storefront.
- Intangible financials: Over the years and decades together, the couple will likely amass various accounts and funds that have no physical counterpart – yet. Financial elements such as deferred compensation and retirement accounts must be thoroughly examined and addressed during property division.
- Debt: The couple must reach a level of agreement regarding debt responsibility during the property division phase of the divorce. From shared bank accounts and student loans to credit card and medical debt, the court must consider these factors when negotiating the overall financial picture.
Countless factors can complicate the smooth efficiency with which a divorce progresses. From complicated assets to disagreements centered on marital versus non-marital property, the divorcing couple must reach numerous compromises along the path. Unfortunately, they can quickly become frustrated by the delays and heated disputes. Seek the guidance of an experienced family law attorney who can guide you through the process from start to finish.