Dividing Your Assets Post-Breakup
By: Curran Tompkins, Associate Lawyer
Marital property are the assets, household goods, real property, investments, and retirement
savings that yourself and your spouse have built together over the years of your marriage.
It is in the best interest of both parties to sit down together and make an inventory of assets,
household goods, and debts, as well as come to agreements on their potential cash value. You can then have a conversation that could be as simple as “who wants what” or decide whether to proceed to a domestic contract, like a separation agreement or Court order.
In general terms, these items are split down the middle. However, through either negotiation
between the parties or legal proceedings, these parties can come to agreements on how to
divide up these assets.
You and your spouse can agree to a certain division of your marital property. This can be done through a separation agreement. For example, if one spouse wishes to keep the home, and the other party agrees, the home can be refinanced in the name of one spouse in exchange for, as an example, a lump-sum payment to the other party.
Following this, the Court can also order unequal sharing where the spouses have made an
agreement in writing to share unequally.
In preparation for any Court proceeding, each party also has an obligation to prepare and file a Financial Statement. This gives clarity to each person’s financial situation, their share and an
evaluation of their asses and debts. In this process, open and honest communication, no matter how difficult it might be, may save yourselves time, money, and stress in deciding “who gets what.”
DISCLAIMER: The publications on this website are intended to provide information of a general nature and not legal advice. The information contained in this publication is current to the date of the publication and may be subject to change following the publication date.