In Divorce, You Get Half. But Half of What?
Not long ago in one of our divorce workshops, someone asked the simple (and yet complicated) question: “What do I get half of?”
During a divorce, a couple will split their assets. These assets are things you own, such as your cars and your house, plus the money in your bank accounts, stocks, insurance, and more. In short, the answer to “what you get half of,” is the assets.
How much? However, it’s critical to point out that you may not “get half.” How you and your partner choose to divide the assets may be up to you. If you are struggling to divide things, you may work with a mediator or arbitrator. If those approaches do not work, you may end up in court.
Debts – People going through divorce should also realize they must divide not just assets, but their debts. If you and your partner have credit card debt, for example, you will divide that. It’s also common for couples to owe money on their home, which is a separate issue.
Because dividing assets is such an important part of legally separating from your spouse, we’ve written a lot about this. Here are some other posts to help guide you as you figure out divorce. You might also consider speaking with a Certified Divorce Financial Analyst.