Selling Vs Trading Assets: Which Is Better In A Divorce?
The property division process is often one of the most contentious aspects of a divorce. Seeing as many divorces are actually caused by disputes over money, this is not really very surprising. Although custody and other matters can lead to legal battles, spouses tend to view the division of their fortunes as one of the most serious legal consequences of divorce. And rightly so. Losing half of your wealth can be an extremely daunting prospect – especially when that wealth has taken decades of hard work to accumulate. When it comes to property division, two of the most common methods include selling assets and trading assets. But what’s the difference, and which is the right approach for you?
If you’re approaching the property division process in Florida, it makes sense to get in touch with a qualified, experienced divorce attorney as soon as possible. These legal professionals can help you hold onto your fortune in the most efficient way possible. While losing some of your assets might be unavoidable, there’s no reason you should have to face unnecessarily harsh financial consequences. It’s best to book your consultation right away for best results.
The Difference Between Selling and Trading
When you sell assets in a divorce, you simply split the proceeds after the sale is complete. As long as the asset in question was marital and not separate, you both receive an equal share. When you trade assets, one spouse leaves the marriage with sole ownership of that asset. In return, they provide their ex with another asset of roughly equal value. Of course, they may also provide two or more assets that when combined have an equal value of the first asset being traded. In theory, both spouses will walk away with their fair share.
Which is Better?
The best approach depends on your unique situation, which is why it’s always a good idea to consult with your attorney before moving forward. Some spouses will be attracted to the idea of trading assets if they want to maintain ownership of certain property. A common example is a beloved car. Instead of selling your prized vehicle and splitting the proceeds, you can instead promise to purchase another car for your spouse or provide them with another asset of equal value – such as a boat or various items of jewelry. Some spouses trade their family homes as well. For example, you might decide to let your ex have the family home in exchange for keeping 100% ownership of the family business. Of course, selling assets also has its benefits since the process is relatively straightforward and inherently fair.
Enlist the Help of a Qualified Attorney Today
For help from a skilled Orlando divorce lawyer, reach out to Steve Marsee, P.A. Over the years, we have assisted numerous spouses with various aspects of their divorces, including property division. With our assistance, you can go over the various options available to you, including trading or selling assets. Book your consultation today to take your first steps towards a favorable outcome.