Dividing assets can be one of the more painful aspects of a divorce. Some things are relatively easy because they have a numerical value. $100,000 divided by two is $50,000 each. Other things, however, have emotional value can be difficult to divide.
Equitable division of property is a matter for which each state has its own rules. One reason to rely on an attorney is that mistakes can be costly and the more that is at stake, the more you have to lose. Many couples must not only divide homes, they must deal with pension plans and retirement savings, rental property, businesses, professional practices and licenses, inheritances, and debt.
The best way to resolve all these matters is through mediation. Going to trial should be a last resort. It costs money to prepare for a trial and going into it the judge knows you’re there only because you wouldn’t, or couldn’t, work it out on your own.
For the judge, everything is black and white. He or she looks at your assets and divides them equally. He looks at your debts and divides these equally. The judge removes all emotion from the case and will try to make it as equal as possible.
Divorce is difficult because of the human factor. If it gets to trial, that means you could not come to an agreement.
Most divorces are resolved in early, neutral evaluations with mediators. When you go to a judge it’s typically 50-50. But a judge’s decision is final. Occasionally, if there is a large discrepancy in income there may be spousal maintenance, the grey area