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Assets shouldn't be forgotten about during divorce

Property division is part of most divorces, and if you don't have a prenuptial agreement, anything of yours or your soon-to-be ex-husband or ex-wife's belongings could be split between you both. If you're planning on divorcing your partner or are just considering a prenuptial agreement and how to divide your property, these things are items you shouldn't forget about, according to a recent report from Oct. 16.

Emotions may boil over into divorce proceedings

New Orleans is no exception to the increase in divorce seen among baby boomers. According to reports, about 25 percent of marital dissolutions involve individuals over the age of 50. With this in mind, it can be easy to see the complications that might arise. A large portion of them may arrive with the property division procedures, considering the amount of wealth many people in middle age have collected with spouses that they have spent more than a decade with. Consider this relationship and the things that happened during their divorce:

Work with each other instead of against each other during split

The traditional image of divorce that many people hold in New Orleans goes something like this: A couple gets married, their relationship breaks down, someone decides to call it quits for one reason or another, and then everything goes to pieces. Emotional breakdowns are common, heated arguments happen regularly, and the courtroom becomes a war zone between generals who used to fight for the same side. This is not how divorce has to be, no matter what sort of property is at stake and no matter how hard you fight for primary custody of your kids.

Is your divorce settlement comprehensive enough?

When couples divorce, they have the option of heading to court and letting a judge rule on the many facets that play into the process. This is usually in lieu of these decisions being made by the couples themselves and though it may be caused by an inability to agree, it could be a mistake to put such decisions into the hands of someone who does not personally know your relationship, especially when children are involved. The property division process could be dramatically affected, as could custody and any support being issued. This is why many divorcing couples in New Orleans elect to draft their own terms of agreement. But there is also a problem with this route: Sometimes, the settlements are not comprehensive enough.

Don't forget about debt during a divorce

When most couples in New Orleans think about divorce, their minds run through the child custody issues and alimony decisions, probably with some worry. But when it comes to property division, they may think that certain items are theirs while others are not -- they may think they've got it all figured out already. The problem is that a lot of individuals neglect the fact that they have brought debt into the marriage that has yet to be addressed. This debt, whether it was incurred before or after the marriage, must be addressed by both parties if both spouses have contributed to it.

A prenuptial agreement may have made your divorce easier

Many people in New Orleans bemoan the prenuptial agreement and too often, it's newlyweds. Experts often consider this document extremely useful and efficient, especially when it's done right. But most simply write prenups off because they seem unromantic and sterile. Little do these people know that a prenup can save them both time and money by making the property division process during a divorce much simpler. It can even be a useful tool to make your marriage better, particularly in regards to how two new spouses address their finances.

A controlling spouse can make a divorce much worse

While some married couples in New Orleans will be able to go through a divorce without too much of an incident, others will struggle for years in court fighting against one another. These couples may include one spouse who is controlling and trying to retain the power that she or he has over the other partner. Though the battle may be expectedly stressful and lengthy, there are ways to prepare for this. If you want to get a fair share during the property division process, as well as a proper child custody and support ruling, you should make sure that at least some, if not all, of these precautions are taken.

Small debts may be forgotten during divorce

In a divorce without children, a couple often fights the hardest over the assets they once shared. This may be for a number of reasons: sentimental value, fiscal revenge, and financial need, to name a few. But whatever the reason, property division can quickly become a nightmare and many divorced couples in New Orleans can confirm this.

How would a lottery jackpot affect your marriage?

Many people in New Orleans have dreamed of winning the lottery, and some people have done it. But what happens when that money gets in the way of your marriage or you suddenly realize you have the financial independence you desired before dumping your spouse? There are a number of things that can happen, but it's likely a divorce will result in split winnings due to the property division phase. For some people, a divorce is the first thing they want after winning the lottery.

What should you do with the divorce payout?

Your divorce has been finalized and you can now estimate what your immediate future is going to look like. At this point, many people let out a deep sigh of relief, even though the real battle is just about to begin. The uncertainty of property division, child custody determinations, alimony and child support awards is generally over. Though some spouses in Louisiana have already fought hard for these things with their attorneys at their side, there is more fighting yet to be done and it is often done alone.

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