Property division in any divorce can quickly become a challenging undertaking. A marriage that has lasted for decades can require couples to identify, value and divide complex assets and debts. While each divorce is unique, there are three factors that might prove difficult obstacles to a smooth property division process.
- Family business: It is not uncommon for a married couple to work together over the years to develop, create and grow a company. When divorce becomes a reality, however, that business must be valued and divided. In general, the couple might decide either to sell the business and split the profits or one spouse can buy out the other and remain in control of the company.
- Digital assets: In the last decade or so, families have come to rely more and more on online properties such as entertainment collections, digital storefronts or online consumer rewards. These digital assets can be complicated to attempt to value and divide during a divorce.
- Sentimental property: While this might be the subject of numerous books, movies and television shows, the division of sentimental property can lead to numerous heated disputes during a divorce. If both spouses have a legitimate claim to the same sentimental property – a prized book collection, for example – the negotiations over this asset division can become complex and emotionally charged.
Even in a divorce where the couple agrees on most terms, the negotiations can quickly become heated. Some complex items such as vacation property, retirement funds or deferred compensation can derail a civil discussion as the divorcing couple might disagree about the distribution. It is wise to work with a skilled family law attorney who can guide you through this process from start to finish.
