Most couples obtain significant assets during the course of their marriage. During a divorce, the division of marital assets often involves selling property such as homes, vehicles, or investments.
The first step is to identify and assess all marital assets, including those acquired during the marriage, to determine which ones to sell as part of the divorce settlement.
Agreeing on asset division
Remember that you should never hide any of your assets. Be clear and transparent about all valuables and monetary assets to ensure an equitable division. Hiding assets can result in legal trouble for you, while courts will appreciate couples who work together to determine how to divide assets. If you cannot agree on dividing your marital assets, you can also use negotiation, mediation or collaboration.
Obtaining valuations
Before selling marital assets, obtain accurate valuations to determine their market value. This may involve hiring appraisers, real estate agents, or financial professionals to assess the value of properties, investments or other assets.
Listing and marketing assets
Once the value of marital assets has been determined, list and market them for sale. This may involve hiring a real estate agent to list the marriage home, advertising vehicles or other assets for purchase online or through different channels, and scheduling viewings for interested buyers.
If you do choose to sell your marital assets, discuss whether you want to split the assets before the sale or if you split the money following the sale of the items. How you determine which route to take depends on the value of your assets and how well you think those items will sell.
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