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Factors that impact the division of property in divorce

The property division process that you go through during a divorce is challenging because you have to think about the long-term and short-term impacts of various arrangements. The thing that makes this challenging is that you likely can't base value off of the statement balance from the end of the marriage. The balance and the value are two very different things.

The value of the asset takes the predicted changes in the future into account. This is especially important for things like pensions and investment accounts. Knowing a bit about these can help you make decisions that are in your best interests.

As you go through the assets that have to be divided, make sure that you are considering the difference between marital property and separate property. Hopefully, you have a prenuptial agreement that covers these matters so that you are able to just look at that for guidance about how to split things. If you don't, you have to ensure that you have the proper classification for each item.

Many factors go into the property division process. For many people, working out a deal through negotiations is the preferred manner of handling these matters. This lets you and your ex have some control over who is going to get what during the divorce.

If you do have to turn to the court for decisions, the judge will consider things like the duration of the marriage, the ability of each person to support themselves and tax consequences of the division. Other aspects might also come into the picture, so find out what will matter in your case so that you can make appropriate decisions.

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