The Art Of Negotiating For Assets During Divorce
Dividing assets is a big part of the divorce process. Even if you live in a state with laws that call for a 50/50 distribution of assets, it is possible to do some negotiating to arrive at the assets you want or need. Here are five tips for handling the art of negotiation during a divorce.
Inventory Everything
The easiest way to mess the process up is to not know what's there. Take the time to count and itemize everything that you and your ex owned together. Note the origin of each item, especially if something was acquired before the marriage. Under most circumstances, you will have a full claim to any assets you acquired before marrying your future ex.
It's also wise to get an accurate number for what is in each account you have. Go through everything from checking and savings to retirement and college funds. Make notes about what each account is, how much is in it, and what it is for.
Assess Your Needs
Focus on the simplest needs first. You'll need somewhere to live, and you'll probably want some form of transportation. If one partner ends up with the house, for example, the other has the right to demand an equitable distribution that still assures them of having somewhere to live.
Identify Personally Meaningful Possessions
Most folks will want to keep assets that have strong personal or familial connections. If you gave your ex a ring that belonged to your grandmother, for example, you may want that back. Be prepared, however, to offer something good in return if the other side knows you want it.
Make a List of What You Hate
A big part of the art of negotiation is letting your divorce attorney know what you'd happily get rid of. If you always hated your ex's taste in furniture, it's worth offering it up in exchange for something you do care about. Try to trade as cheaply as you can on as many disliked items as possible. You might be surprised how much you can get just by knowing what you hate.
Be Reasonable
Dealing with assets during divorce becomes even more difficult when people pick fights rather than try to preserve their interests. Scorched earth isn't a viable negotiating tactic if you want to come away with most of what you care about.
Try to be reasonable even if your ex is being awful. The worst that will come of playing nice is providing proof to a judge that you dealt in good faith while your ex picked a fight.
Contact a divorce attorney to learn more.