Divorce can be challenging, especially when it comes to dividing assets such as your house. Planning ahead can help ease the transition and ensure a fair distribution of assets.
It also helps you make educated decisions instead of reactive or impulsive choices that could hurt you.
1. Gather financial documents
Collect all relevant financial documents, including bank statements, mortgage documents, investment accounts and tax returns. Having these documents organized and readily accessible will make it easier to assess your financial situation and negotiate a fair division of assets.
2. Assess your property
Take stock of your property and assets, including your house, cars, furniture and other valuable items. Make a list of everything you own and note any assets jointly owned with your spouse. A clear understanding of your assets will help you make informed decisions.
3. Get a house appraisal
An appraisal can provide an objective assessment of your home’s worth. This information is valuable when negotiating the division of property with your spouse. In Columbia, the median house value is $458,700.
4. Consider your priorities
Think about your priorities and what assets are most important to you. Consider factors such as emotional attachment, financial value and practical considerations when deciding how to divide your assets. Being clear about your priorities can help you make decisions in your best interests.
5. Protect your credit
Divorce can have a significant impact on your credit score, so protect your credit during the process. Close joint accounts if possible and establish individual accounts in your name. Monitor your credit report regularly for discrepancies or unauthorized charges.
By taking these steps, you can help the divorce go more smoothly and reduce stress for everyone.