If you decide to file for divorce, you must follow the proper legal process. In Pennsylvania, your divorce will address several issues, from child custody and support to property division and more.
One of the most difficult processes to deal with for many couples is dividing assets. Property division in a divorce can be complex and involves emotional and financial factors. It is easy to make mistakes if you aren’t careful. Knowing the most common mistakes may help you avoid making them.
1. Assuming assets have a rigid value
The property division process is not just about selling an asset and then dividing the profits. You may be able to achieve an equitable division based on the item’s value. An example would be one person getting the art collection while the other gets the family car.
Consider factors like ancillary costs and future value when coming to these types of agreements. Many assets increase or decrease in value over time; it is important to consider this when determining a fair division.
2. Trying to devalue or high assets
You may be tempted to hide or devalue certain assets. However, if you are caught (and this is likely), it is considered fraud. Cases of fraud in a divorce can impact what you receive in the property division process; sometimes, you may face criminal charges.
3. Deciding you must sell your house immediately
Before selling your family home, make sure it is the best move. It may make more sense to wait until the market improves to do this — or until you have more equity. (Naturally, this has to be something that you and your spouse can agree to put off.)
The property division process in a divorce is often the most challenging. Knowing your legal rights is important to get your share of marital assets.