3 Solutions When You're Having Trouble Dividing Assets In A Divorce

When a divorce is civil, you and your spouse should be able to go through your house with a notepad and decide who will take what. If you've always liked a certain piece of art, perhaps you can take it with you, while your spouse chooses a particular appliance. This is an ideal scenario, but it won't always be the case. Some divorces lack the civility to make these decisions, which can lead you to look for some other solutions. At the end of the day, you will need to divide your assets. Here are some solutions that you can evaluate with your spouse.

1. Pay One Another

There may be something that you both want and that neither of you is particularly willing to part with. In such a situation, one idea is for one spouse to take the item and pay the other a percentage of its value. For example, if you might both be really enamored with your new 4K TV. If it cost $1,000 new, one idea is to have one partner keep the TV and pay the other partner half of the value. This gives one person the asset and the other person a financial head-start on buying an asset to replace it.

2. Sell And Share The Proceeds

There can be times that you both want the same item, or perhaps neither of you has a deep desire to have it but doesn't want the other person to get it. In such a scenario, it may be worthwhile to simply sell the item in question and split the proceeds 50/50. The ease of selling products online through online classified, social media marketplaces, and other similar sites means that you should be able to sell any items of this nature quickly and easily, and you'll both be able to pocket half of the proceeds.

3. Hold It In A Trust

Another option to consider, especially if you're dealing with a high-value item, is to hold it in trust for your children. Doing so requires some trust from each of you — you wouldn't want to think of your spouse taking the item and selling it when you've agreed to hold the item until your child reaches a certain age. This approach can be lucrative if you have certain possessions that will appreciate in value, as you can get more for them in the future instead of selling them for cash now.

For more information, contact your local divorce attorney.