Selling Assets Before Divorce: Do’s and Don’ts
Divorce can be a serious financial challenge. But sometimes the best way out is even closer than you think. Many couples opt for selling assets before divorce to get rid of unnecessary things during life rearrangements and cover marriage termination expenses easier.
Yet, it is necessary to find out whether your selling plans won’t turn your divorce process into a mess and decrease any pleasant outcomes. Review the main points you should consider to sell the assets before divorce without any complications but for the best possible aftermath only.
What the Local Law Says
Once you decide you need to sell your personal assets before you file for online divorce in Wisconsin or get a trial to end your marriage, you have to consider the local legislature:
- Community property state – Wisconsin, for example, is a community property state, which means your marital property will be divided equally no matter how much each of you has committed to it. To prevent any inequalities, you may have a desire to sell some properties beforehand so that you can win more from the marriage.
- No selling during divorce – Wisconsin law strictly prohibits selling, giving away, and getting rid of any of your marital property when your divorce procedures are already rolling. You may be penalized or lose your privileges as a result.
- Selling agreements beforehand – all the selling agreements between you and your spouse regarding your marital property should be performed before you file for divorce.
Suppose you hesitate about getting your property sold and wish to clear out any peculiarities. In that case, you can always make your life simpler by consulting a family lawyer for the best suitable decision in your situation.
Do’s When Selling Assets
If you decide that selling assets before divorce is the right option for you, you’d better consider some details first. Eventually, you will get a good bargain and avoid any complications with the law, if you follow the expert’s tips:
- Do sell the right property – sell the property that is only yours without any ambiguity. If you sell any of the marital property or any item a part of which belongs to your soon-to-be-ex without their consent and to own benefits only, expect serious troubles with your partner and local legislature.
- Do invite a professional evaluator – for you not to guess the prices or waste your time comparing the costs of the items online, you can better invite a professional evaluator. They will let you know the current market situation for your goods particularly and help to make the best possible selling agreement in the end.
- Do consult your attorney – a general overview of the items to sell with your attorney will save you from any unpleasantries with the law and your spouse later.
Selling assets may be a risky choice, but if you stick to the common wisdom and local law rules, you will make a good profit to cover your divorce expenses and spare a place for your new life.
Don’ts When Selling Assets
Although selling assets may become a perfect solution for a list of your troubles, it should be performed carefully, otherwise, you can only add to divorce complications. Here are some common mistakes for you to avoid:
- Don’t decrease the value – many divorcees hurry to sell the property before any procedures start so they reduce the value of the assets they want to get rid of quickly. You should better explore the situation on the market and sell your property only if it is beneficial for you so that you don’t lose anything in the outcomes.
- Don’t sell anything in secret – no matter what assets you are going to buy, it is better to discuss your intentions with your partner first. If you sell anything without your spouse’s consent or approval, there is a possibility you will face hostility and similar unpleasantries on the part of your former beloved in the end.
- Don’t forget about the increase in value – mind that even if you think that any item is your personal property, part of it may belong to your spouse already. If the price of your personal assets increases during your marriage, the difference will be treated as your marital property and is to be divided equally. So, it is better to buy out your partner’s share before selling the assets if you wish to avoid any related troubles.
Performing the selling process with care and considering the legislative details, you will prevent any complications and commit to the best possible results.
Selling marital assets may help you deal with financial difficulties or bring you even more hardships during and after the divorce process. The point is that you have to take into account all the pros and cons of your intentions, consult your family law specialist, and cooperate with your spouse so that you can get comfortable and pleasant results for both of you.