2 tips for negotiating property division in divorce

On Behalf of | Jan 31, 2018 | blog

If you are getting ready to file for divorce in Otsego, you might think you have things all figured out. You have ideas about how much you believe your spouse pay for child and spousal support and know what property and assets you want to receive. What you might not realize is that divorce is a negotiation process. There is nothing wrong with you having a list of expectations. But if you are not prepared to negotiate, you could end up with less than you feel you deserve. 

You must keep a realistic view of your circumstances. Though you have the opportunity to negotiate your settlement, the courts will take into consideration your agreements and the rules of equitable distribution before approving it. Before you start making your demands, consider the following tips to help with your divorce negotiations. 

1. Know your current financial needs 

If you and your partner were splitting the bills in half, you might not be able to afford to pay them once your separation is final. Take some time to assess your current financial obligations and household expenses. Tailor your negotiation tactics to enable you to retain a similar standard of life after your divorce is finalized. For example, if you cannot afford to maintain the marital home on your income alone, it might not be in your best interest to keep it. You might find it more beneficial for you and your spouse to sell it and split the proceeds and move into a smaller and more affordable place. 

2. Be willing to compromise 

No matter the length of your marriage, you should consider compromising on certain aspects of your divorce settlement. Create a list of essential and nonessential assets you want out of the divorce. Encourage your spouse to do the same and compare lists. See if you can reach an agreement before your divorce ends up in court. Inform your attorney about any issues you and your ex-partner are having trouble compromising on for guidance. 

Dividing assets in a divorce is not always easy. The temptation to be greedy and resort to measures to keep one spouse from benefiting is hard for some people to ignore. Both parties should carefully review their current and future circumstances to improve the likelihood of a favorable divorce settlement.