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Unexpected challenges in property division

On Behalf of | Sep 10, 2021 | Divorce |

A divorcing couple will face numerous disputes and negotiations while moving through the process. Factors such as parenting time, spousal support and property division can all represent disagreements. While it might seem like a straightforward process, dividing marital property can quickly become complicated by many factors.

Here are three factors that might prove challenging when the divorcing couple comes to property division:

  • The family business: Many couples work together, directly or indirectly, toward the success of the business. Whether the couple works together in the day-to-day operation of the company, or one spouse takes on more responsibility at home freeing up the other spouse to run the business, generally both parties have an interest in the distribution of assets. With a proper business valuation in hand, the couple can generally pick from three options: sell the business and split the profit, one spouse buys out the other spouse, or the couple runs the business together post-divorce.
  • Any digital assets: Couples place more and more importance on digital assets. From entertainment collections to online storefronts, a couple likely devotes significant time and effort building these properties. In a divorce, the division of these digital assets couple prove complex.
  • Accumulated debt: Whether the couple shared credit cards, worked together to pay off student loans or pooled their resources to purchase vehicles, the joint debt can represent significant financial responsibilities. When dividing property, the couple must also carefully examine debt to reach a comprehensive financial picture.

Even if divorce is the best option for your future, the couple will likely face numerous domestic relations bumps along the road. The division of debts and assets, whether they are physical or digital, can lead to heated, emotional debates before the couple reaches a compromise.