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Property division: keeping yourself in check during divorce

On Behalf of | Mar 7, 2022 | Property Division

One of the hardest parts of divorce is the reality of splitting everything you have with your ex. This may include assets, debts, real estate, personal belongings and even time with your children.

Knowing how to conduct yourself during this challenging time can help you keep your dignity. Try to remember that the more proactive you are, the higher your chances of reclaiming control of your life.

Identify goals and expectations

Your goals for the future may seem pretty unattainable at the moment, but if you take time to identify how you will reach your goals, you can have a game plan. Along with goal setting, consider your expectations for the future. Fighting relentlessly for marital property may end up setting you back and actually causing you further financial distress. According to CNBC, from 2019 to 2020, lenders saw a staggering 62% increase in the number of loan inquiries related to divorce expenses.

Prior to the process of splitting property with your ex, come up with realistic expectations. Retain a conservative mindset so anything extra in your settlement comes as a pleasant surprise. However, it is equally as important to know your rights so you can assure that you receive an equitable settlement.

Embrace flexibility and adaptability

Making sure you get a portion of the equity in your home or that you retain most or all of the inheritance from your grandmother are valid battles to fight. However, squabbling over household items purchased together, for example, will only waste your time and threaten your sanity.

Embrace flexibility and know that everything you hope to have in your settlement will probably not happen. Embrace adaptability and recognize that you have the power to create the life you want. Working with a trusted attorney may improve your chances of setting reasonable expectations and attaining a satisfactory outcome during property division proceedings.