Divorces are difficult and the division of the property brings certain challenges. However, some divorces are handled amicably by both parties and this can extend to the division of assets. This is easier on the couple and any children they may have. Legal and emotional battles only make everything worse.
To divide your property amicably, you will need to sit and have a conversation with your spouse. Focus on the big picture and not what went wrong in the marriage. Negotiate until you both agree on who should get what. If there are children involved, their needs should be prioritized. Even though you will try to settle things out of court, seeking the advice of a family lawyer will help to ensure everything is done correctly.
Put Your Cards on the Table:
Honesty is key in the division of property. Both parties must be prepared to disclose their assets, liabilities, income, tax returns and other financial information. In most marriages, one spouse has more knowledge of the household’s finances than the other. This is an opportunity to ensure both are on the same page. A good faith negotiation is a key to a respectful and dignified divorce.
Focus on the Children:
Usually, the parent who provides primary care for the children is allowed to stay in the marital home. You will likely want to maintain this type of arrangement to ensure stability. Make sure the children know that both parents love them and will continue to be there for them even though one will no longer be living in the same home. If the primary caregiver will require access to funding, this should also be considered.
Be respectful toward each other:
If there are no children involved, you should still at least follow the generally accepted legal route. This will depend on which province you live in. Generally, any property a spouse acquires during the marriage and still has when they separate must be equally divided. Property owned prior to marriage belongs to the individual but any increases in value must be split. This applies to all assets except the matrimonial home. Both spouses have an equal right to remain in this home so you will need to come to a decision which suits both parties.
If your spouse has no income and will need time to get back on their feet, spousal support payments will be in order. This will allow them time to find a job and a place to stay or get the education and training they need to find gainful employment. Since you have both laid all your cards on the table, you should seek to ensure your spouse is provided for.
Divorces don’t have to be acrimonious. If both parties want things to go as easily as possible, they can work toward an amicable split. Even the usually contentious division of assets can be made to go smoothly. If you’re both respectful and fair toward each other, you can reduce the stress that is often part of the process.