Common Issues During Asset Division in Hamilton County

Virtually every part of getting a divorce can be tricky on both legal and personal levels, but few aspects of this process are more consistently complicated than the division of marital property and liabilities. Even if both parties agree on what assets and debts each person should retain ownership of after separating, actually executing on that plan can require lots of work outside of court and tenacious legal advocacy when you do stand before a judge.

In light of that, knowing about common issues during asset division in Hamilton County ahead of time can be very helpful when it comes to efficiently and proactively addressing them. A knowledgeable property division attorney could provide additional clarification about these and other possible roadblocks during a private consultation.

Defining the True “Value” of Assets

Perhaps the single biggest sticking point in the average asset division proceeding is determining how particular assets should be valued, and sometimes even whether pure financial worth should be the primary factor in that calculation. For example, a particular stock could be worth $50 at the moment of appraisal, but the fact that its value may fluctuate over time makes it more complicated to establish a true “value” for than just treating it like $50 in liquid cash.

Many other assets may have subjective financial worth depending on the person appraising them, and other assets may have depreciated—or appreciated—in value to a significant degree after being purchased during a marriage. Proactively addressing this kind of issue during Hamilton County asset division can be next to impossible without guidance from experienced legal representation.

Resolving Jointly Held Debts and Liabilities

In addition to assets with positive financial values, it is also necessary during the property division stage of divorce to define and distribute marital debts. This can require examining multiple credit reports for each individual, determining the degree to which each party contributed to a particular liability such as a credit card bill, and establishing who legally will be responsible for the debt after the marriage is dissolved.

If at all possible, the best way to address this asset division issue during a Hamilton County divorce is to pay off marital debts by liquidating marital assets, as this can both ensure the debts do not become long-term problems and simplify the process of dividing remaining assets. “Sharing” debts between divorced parties may seem like a fair option, but it can leave one party liable for the other’s failure to pay their half of a particular debt.

Distributing Property That Cannot Be Split

Unfortunately, some of the most contentious disputes that arise during asset division in Hamilton County involve property like marital homes that cannot be “split” meaningfully between divorcing parties. If the parties cannot agree that one person can maintain ownership of such property in exchange for a lesser share of other marital assets, the only course of action may be liquidating the property and splitting the proceeds of the sale. Dividing interests and/or ownership in a jointly owned business can be similarly complex, as a knowledgeable lawyer could further explain.

Learn More from a Hamilton County Attorney About Common Issues During Asset Division

There are countless problems and disagreements that can come up during marital property distribution, any one of which could drag out proceedings for months or even years. Fortunately, assistance is available from dedicated legal professionals with years of experience helping people like you through similar situations.

Resolving common issues during asset division in Hamilton County could be much easier with a qualified attorney’s guidance. Call today to learn more.

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