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Four Strategies for Financial Success in Your Divorce Negotiations

Posted on in Property Division

Four Strategies for Financial Success in Your Divorce NegotiationsSavvy divorcees view their division of property as a strategic accumulation of assets instead of a struggle to obtain as many valuable properties as possible. Some assets have a potential value that their current value does not reflect. Just as importantly, other properties may be more costly to hold onto than they are worth. You should prepare for your divorce negotiations by identifying goals. Here are four considerations for obtaining long-term financial success from your divorce agreement:

  1. Assess the Future Value of Your Marital Assets: You should use more than a property's current value when calculating an equitable division of property. Some properties can appreciate in value, such as market investments, real estate, and business interests. Identifying these potential growth assets will help you in choosing which assets you want to keep and preventing your spouse from taking advantage of you. You should ask for additional compensation if your spouse wants an asset that may be worth more than its current value.
  2. Balance Risk and Reward: Relying on the growth of your divorce assets may backfire if the assets do not appreciate in value as estimated. Many growth factors are outside of your control, such as the state of the economy and business markets. You should measure an asset’s potential for growth by both its high-end outcome and likelihood of growth. Protect yourself by keeping some marital assets that are certain to maintain their current value.
  3. Include Expenses in Property Valuation: Real estate, such as the marital home, is an enticing marital property because of its value and use. However, it also comes with many expenses, such as property taxes and upkeep. You should evaluate whether keeping a real property is worth the cost. Are you asking for the marital home because you need the home or because you want to keep a valuable property? You can receive several other properties in exchange for your marital home.
  4. Prioritize Your Vital Properties: Some marital properties are more important to you than to your spouse. Maintaining complete ownership of your business protects your primary source of income. Later in your life, you will rely on your retirement benefits to support your living expenses. You may need to give up other marital properties in order to have complete control over these vital assets.

Making a Plan

You should discuss your financial strategy for your divorce with your attorney before you begin your negotiations. A McHenry County divorce attorney at Botto Gilbert Lancaster, PC, can help you identify key properties and advise you on how to keep them. Schedule a free consultation by calling 815-338-3838.

Source:

https://institutedfa.com/avoiding-common-divorce-pitfalls/

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