For some couples who are going through a divorce, the idea that they could agree to anything might seem laughable. After all, if they could be agreeable with each other they wouldn’t be going through a divorce, right? Well, our readers may be surprised to find out that not every court case goes to trial, as television shows might lead us to believe. In fact, many couples who are going through a divorce actually find that it is preferable to agree to as many details in the divorce out-of-court as possible. But still, one of the trickiest areas for a divorcing couple to reach an agreement on is property division, especially in a high-asset divorce.
However, with the right approach and good advice, couples can reach a property settlement agreement that works for both sides. But, in working toward such an agreement, couples need to be cognizant of all of the assets that will be involved in the settlement discussions.
For instance, many couples will have more assets to discuss than they realize at first, such as: vehicles; the family home; furniture; and retirement accounts. They will have debt to discuss as well. A properly crafted and executed property settlement agreement will address assets in separate and distinct sections of the agreement.
When a divorcing couple is able to reach a property settlement agreement outside of the courtroom, they can then submit the agreement to the court for approval. And, if a couple can agree on property division, other divorce issues might be worked out as well, such as child custody, child support and alimony.