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Carefully consider property and debts during divorce

When you get married, the last thing on your mind is likely a divorce. As we discussed last week, there are some points that wedding planners might see that clue them into the possibility that your marriage will end in divorce. It is imperative for you to take steps to protect yourself and your interests if your marriage does end.

One of the points that you need to think about is how the property division process is going to be handled. This process is something that can be rather easy if you don't have many assets, but as you amass assets and wealth, it can become more complicated. In the case of a high asset divorce, you might need to have the assets valuated to determine how you need to handle them.

Some assets, such as inheritances, might not be part of the divorce. Of course, this is dependent upon how you handle those assets during the marriage. There is a chance that even an inheritance will be considered marital property if it was co-mingled with the marital assets

You should also make sure that you are keeping a close eye on the debts of the marriage. These can be just as hard to divide as the assets because you have to figure out how to split them equitably. You also have to think about how the debt division might impact your finances and credit in the future.

We can help you to go through all of the property and debts of the marriage to determine what splits might be possible. You can use this information during the mediation negotiations with your ex.

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