How do we Split Our Assets in Divorce?

One of the easiest ways to split your assets in a divorce is to come to an amicable agreement with each other. It will save you a lot of money and stress.

I understand that splitting your money and property is difficult. It is one of the hardest decisions you will make especially if you think your ex has caused your marriage to break up. The problem is – if you can’t overcome those emotions you are likely to end up in court where your lawyers and the judges will take over. Not only will you lose control, but you will also spend a lot of your money getting there.

I understand it is not easy coming to a decision between yourselves, but it is doable and with some support from an independent person (like me) you can get there. I coach my client through this process regularly.

The way to start is to make a list of all your assets, debts and all the family income. Assets commonly include your property, pensions, savings, valuable jewellery and stocks and shares. Debts usually include money owed on the mortgage, credit cards, store cards, hire purchase agreements, loans etc. When it comes to your income, list all income from your job, from self-employment, rental properties, investments, and state benefits (including state pension and child benefit).

Now that you have your list, get together all the paperwork for every asset, debt and income and organise it in a file so you can both show these documents to each other.

Next, you need to work out how much you will both need (realistically) to live on each month, i.e. shopping, food, house bills, rent/mortgage, council tax payments etc. Make a list of all the expenses you have/expect to have.

Once you have this information, it will help you to put some options together of how you could fairly split everything. You want to start playing with the numbers and see what can work and what is fair to you both. You will be able to work out 2 or 3 options that are available to you both and together you should be able to come up with what suits you best.

Ultimately if you still can’t come to an agreement, you would have done a lot of the leg work which will help you if you decide to go to court.

In the next blog, I will share some key point you need to keep in mind when you are negotiating.

If you need help working out how to split your property and money contact me on 07967 012 006  for a friendly chat about your options or complete my FREE ENQUIRY FORM

This article is for general information purposes only and does not constitute legal advice.

“Call Sonia Limbada. Trust me. You won’t regret it.”PETER