Deciding how property should be divided during divorce can be an extremely tricky situation. Many times divorcing spouses and their attorneys can work out a settlement agreement that addresses all the aspects of property division. And while settling on property division may help keep the process moving along, some decisions made hastily may not always be in the best interest of spouses. It is important for divorcing spouses when considering property division, to keep in mind both the short and long-term effects of their decisions.
Many times, when divorcing spouses agree on property division, one or both spouses do not have a thorough understanding of the assets they are acquiring or giving up. Some assets carry short term financial benefits while others may only be beneficial in the long term. And understanding the difference may make all the difference.
Cash on hand and joint bank accounts may be included during marital property division. While these assets may be an attractive option to fight for, they are essentially worth their face value. For this reason, they are a good short-term takes for financial security but have little to no long-term impact on an individual’s financial landscape. Other assets such as stock options, retirement plans, and brokerage accounts may not necessarily play a huge role in the immediate financial security of a divorcing spouse. They can, however, lend themselves well to building future financial security.
One of the most important things to keep in mind during property division is that it is not a race, and there is no rush. An individual’s financial well-being after divorce can weigh heavily on their careful consideration of the division during divorce. For divorcing spouses that are concerned with the impact their property division may have, it may be beneficial to work with an experienced divorce attorney.