When a person is preparing to get a divorce, it is important for him or her to think critically about how the property that has been accumulated will be divided. In addition to the division of property, divorcing people should also expect that their debts will be divided as well.
An important first step to take in preparation is to fully account for all of the assets, income sources and debts held by each spouse as well as those held jointly. People may then arrive at an idea of their worth by subtracting the debts from the value of the assets. Doing this may provide a basic idea of the amount that might be expected upon the property division.
It is important for people to think carefully before agreeing to give up their interest in such things as retirement accounts or pensions in exchange for other assets. Pensions and retirement accounts may be much more valuable when a person reaches their retirement age, and evaluating any proposed agreements should account for the present value and the future expected value of the portion that would be received. Finally, people should gather all of their financial documents in preparation for filing, including account statements, bills, deeds, titles and tax returns, as all will be needed during the divorce.
Divorce can be highly emotional and difficult, but it is important for divorcing people to take an organized and reasoned approach in order to protect their interests. Property division may be very complex, requiring valuation of assets and appraisals. Understanding the current and future value of assets that are held could help in protecting one’s rights and interests in the future. A person who is divorcing may want to bring their financial paperwork when meeting with a family law lawyer for help.
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9