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Splitting assets during divorce can be tricky

Going through the process of dissolving a marriage can be both an emotional and a financial roller-coaster ride. One aspect of divorce that can be particularly overwhelming is the splitting of assets. A couple of tips may help with navigating property division during a divorce proceeding in California.

When it comes to the family car, both spouses may naturally want to keep it. The best option is to divide the car's value 50-50 since splitting the car physically is not possible. The couple can sell the motor vehicle and then divide the money they generate. Alternatively, one party may keep the car and then pay the other spouse his or her fair share.

Household items, such as furniture, may also be a point of contention during a divorce proceeding. Taking inventory of the available assets and then determining each item's value is important to ensure the fair division of this property. The spouses may be able to agree on who will get what items based on their particular needs and interests. For instance, the avid cook may keep the kitchen gadgets valued at $1,000, whereas the other spouse may keep a $1,000 television set as a set-off.

If two spouses in California can find common ground during their divorce, they may be able to achieve a settlement without further court intrusion. This is possible through processes such as direct negotiation or mediation. However, going to divorce trial may be necessary if the parties cannot resolve their issues on their own. An attorney can offer the needed guidance in either scenario to achieve the most personally favorable outcome.

Source: madison.com, "How to Split These 7 Assets During a Divorce", Maurie Backman, Dec. 7, 2017

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