Property, assets and personal items often have significant emotional value to the owner. However, few people in West Virginia realize just how strongly they feel about their things until they are in the middle of a divorce. Property division can be one of the most contentious issues you will deal with when ending your marriage.
Although it may feel difficult or even impossible, separating your emotions from the task at hand is important during this process. An easy way to engage in the property division in this manner is to simply set out identifying marital property and separate property. Separate property is anything that is solely yours, such as items you obtained before marriage or were gifted later on.
Common marital property includes things like shared homes, furniture and household items. However, you may have overlooked some important assets, like bank accounts or, in some situations, inheritances. Make sure you have considered all of the following items too:
- Retirement accounts
- Stocks and investments
- Second properties
Aside from the emotional attachment you may feel worried about losing, there are also serious financial implications you need to consider. Ask yourself long-term questions about each asset you want to keep. Can I afford the upkeep of the house on my income? Do I want the risk of keeping stocks or other investments? Will selling an extra vehicle and splitting the profits be best for both of us?
Property division is a complicated process that you should not feel pressured to rush through. However, even when proceeding with caution, divorcees often still feel overwhelmed when taking on the matter alone. We are have helped guide an untold number of people in West Virginia through this process, helping them to understand the matter at hand and achieve the most agreeable possible outcome.