When two people decide to separate, they can go their own ways and let that be the end of it. Deciding on the division of mutual property, however, is a much more complex issue. The most drawn out divorce battles have always been about the division of property.
Don’t Go to Court
There are plenty of reasons and stories behind such legal drama, and they’re never easy to resolve. The Law Office of Doreene A. Kuffer, like many other firms, advise their clients to resolve property disputes outside of court and suggest as many alternatives as possible.
Fortunately, there are options for couples to reach an agreement that can satisfy both parties. It’s important to remember that these choices aren’t perfect alternatives, but they can at least point clients towards accepting a settlement.
Cut Your Losses
The first – and probably simplest – option is to dissolve all the physical property by selling it, and then split the proceeds evenly. This method provides profit to both parties up front, and allows them to do with their share as they please. Selling marital properties is attractive, as it ensures former couples to completely cut ties with each other, and limit further contact in the future.
The second method can be considered an investment if the client knows what they’re doing. One spouse can buy out the other and keep all of the property for themselves. This alternative has the potential to be as simple and quick as the first option, but it has certain limitations.
First, the buying spouse needs to have the resources to make the deal possible. Second, the party being bought out needs to at least be willing to let go of their share of the property. If a client lacks either one of the requirements, then the buying party is better off exploring other methods of settlement.
The final option is to continue co-owning the mutual property. This is the most likely result when a couple is trying to divide the assets of a business. But, this requires spouses to communicate and cooperate professionally to become effective – a limit that may be too much for some couples.
Whatever the case may be, the final decision lies with the parties involved in the divorce. All a mediator can do is suggest settlement options, and convince them that a quick resolution is for their own good.