Tips for Negotiating Asset Distribution in Your Divorce
It can be difficult for you to fully grasp the financial implications of your divorce, specifically with regard to your asset distribution negotiations. This is why it’s so important to work with an attorney, who can help you see the whole picture.
Here are a few tips to help you get a better grasp on your asset negotiations so you can come out financially healthy.
- Consider taxes: You’ll need to consider the tax implications of every asset you own, especially retirement accounts that might come with early withdrawal penalties. It’s not enough to know the value of your assets—you must consider any “hidden” values or liabilities associated with them. You will need to speak to an accountant during your divorce to address the potential tax consequences
- Give careful thought to the home: If you and your spouse own a home together, this is going to be by far the largest asset in your estate, which means it will likely also be a point of contention in the divorce process. Selling the home could be a good idea to give you more liquid assets, but it also could be difficult emotionally, especially if you have children. You should spend plenty of time balancing the pros and cons of potentially selling your home and how you will balance that sale in your asset distribution. You may also consider that the custodial parent have exclusive use of the home until a set period of time. In particular, this is common when there are children who are in high school so that there is minimal disruption in their lives.
- Consider any unique assets you own: Certain types of unique assets could be more valuable to one party than the other, including certain types of stock options, cryptocurrencies, or assets that have significant sentimental value. Carefully consider these assets and how they can balance each other out in negotiations.
- Have your priorities clearly determined: What is most important to you with regard to asset distribution? If you know what your top priorities are, it becomes easier for you to figure out where you’re willing to compromise to make negotiations go more smoothly.
For more information about negotiating asset distribution in your divorce, contact a skilled attorney at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia LLP.