The Advantages of Selling Off Assets During An Amicable Divorce
Going through a divorce is certainly never easy, but there are things that can be done to make the process less of a headache for all involved parties. At Oxendine Law, our family law experts often discuss with clients the topic of dividing assets during a divorce. There are different schools of thought on what is appropriate and legitimately helpful when it comes to dividing mutually owned assets while a divorce action is still pending. Today we wanted to specifically focus on amicable divorces and how selling off assets can make the entire process cleaner and easier for everyone.
Before we dive in, we wanted to emphasize the importance of the word “amicable” in this context. Amicable divorces are cases where both parties are able to be civil with each other and agree to terms including division of marital property, as well as spousal and child support. In cases where a divorce is not amicable, one side selling off mutually-owned marital assets during a divorce (without a court order or consent) will be prohibited and could put the selling party in considerably hot water.
However, when it is agreed upon, turning some structural assets into cash can be highly beneficial. This is especially true in cases of a high asset divorce. Simply put, dividing the money earned from selling something like a house, cars, or even a business, is far easier than dividing the asset itself. In the case of a business, it can also help avoid one party needing to buy the other out and other similar entanglements that may occur.
Check out this recent clip, where Oxendine Law managing partner and family law expert Jarrod Oxendine discusses how selling mutually owned assets during a divorce can make things easier for both parties:
Every divorce is different and requires a unique approach. At Oxendine Law, we create a specific case strategy for each individual client to achieve the client’s primary goals. For more information on our family law services or to schedule a family law consultation appointment, contact Oxendine Law at (770) 497-8688 today. We offer meetings in person, over the phone, or by video conference. You can also follow along with us on Facebook and Instagram for additional family law news, tips, radio clips, and much more.