Tips For Reaching A Property Division Settlement Outside Of Court

Whether a couple can reach an agreement on how to divide their assets without court intervention will depend on the particular circumstances of the family involved. If, for instance, a couple has a relatively amicable relationship, then it is entirely possible that, with the help of attorneys, they would be able to come up with their own divorce settlement in an out-of-court setting. If, on the other hand, the relationship between the parties is contentious or there is a history of domestic violence in the family, then reaching an out-of-court agreement may not be feasible or safe. Generally, couples have the option of attempting to distribute their assets without the intervention of a judge. We’ve included a few tips for couples who are undertaking this endeavor.

List Your Marital Assets 

One of the first steps that couples who are embarking on the property division process should take is to list their marital assets, or assets that were acquired (by either spouse) during the marriage. It is these assets alone that must be divided equitably before a court will grant a couple’s divorce. Each party should make their own list and then compare them to ensure that nothing gets forgotten or is deliberately hidden. This process may also require the collecting of a wide range of documents that can help trace when a property was purchased, as well as its value.

Value Your Assets 

The next step for a divorcing couple is to value the assets they have identified. This can be a difficult process, especially when the property in question is unique or especially valuable, like jewelry or artwork. In these cases, couples may need to work with a series of specialists to help them place a value on all of their assets, including real estate, personal possessions, vehicles, and business interests. Alternatively, it is possible to work with a single individual, or evaluator, who will then be responsible for working with other professionals to place a value on all of a couples’ assets. Whichever option a couple chooses, it is important that they obtain an accurate value that can be supported with documentary evidence, as this is absolutely critical to a fair distribution of assets.

Assess Each Asset’s Tax Implications 

When attempting to reach an out-of-court property division agreement, couples should also be sure to assess the tax implications of owning certain assets. For instance, just because two properties have the same value doesn’t necessarily mean that they will end up being worth the same, as one may be subject to very high taxes, while another may essentially be tax-free. Couples who have adequate information about these types of tax implications will be able to reach a fairer property settlement.

An Experienced Fort Lauderdale Property Division Lawyer 

Compromise is critical when it comes to trying to negotiate a property division agreement and having a skilled attorney on your side can make all the difference in the successful outcome of these types of negotiations. For help negotiating your own divorce settlement, please reach out to experienced Florida property division attorney Sandra Bonfiglio, P.A. at 954-945-7591 today.

Source: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

forbes.com/advisor/legal/divorce/florida-divorce/