Avoiding common money mistakes during property division

Dividing up property at divorce is a priority for both parties because everyone wants to leave the relationship with what is most important to them. It is quite hard to invest in a relationship financially, then have that relationship end and affect one's finances. Unfortunately, this can happen in divorce, which is why skilled legal representation can be highly beneficial. Depending on where the divorce is taking place, meaning the state where the divorce proceedings were initiated, property division decisions can leave one party left wanting.

Since divorce is frequently a contentious matter, it can be difficult to have the parties calmly review their financial situation. Still, it's important to thoroughly account for all assets during divorce. Most people remember to include the big ticket items like the house, the cars, rental properties and the like when discussing division of property; however, there are other assets that need to be accounted for in this conversation. Assets like 401(k)s, furniture, jewelry and other property should also be considered during division of marital assets.

Anything that is of monetary value or can be broken down to have a monetary value is potentially subject to division, so long as it is considered marital property. This includes, but is not limited to houses, cars, retirement accounts and collectibles. In addition to making sure all marital property is remembered, spouses can benefit from accounting for their post-divorce budgets when discussing property division options.

Additional considerations include present and future taxes, as well as past tax obligations if they exist. The family home may also be reviewed in light of the cost to keep it individually rather than as part of a couple. Finally, speaking with a divorce attorney about other tasks, such as updating wills, can help a party gain peace of mind that they are taking care of their financial future.