My wife and I have been through quite a bit of marital issues over the past 22 years, and have finally decided to get separated. Now that our two children have moved out, we're ready to go our separate ways. We are not exactly on good terms, but we're not at each other’s throats anymore either. The main problem we are going to have is figuring out who gets to keep what property. Are there some alternatives that we can use to help reduce the cost of a divorce and still get a binding agreement made regarding the property division? – Frank






Answer:
Frank: If your objective is to divide property equally, and in most long term marriages it is, then liquid assets like cash, bank accounts, stock and retirement funds can be split or offset against each other. Real estate, businesses and automobiles can be sold and the profits divided or valued and offset. If you are talking about property like furniture and furnishings, make a list and flip a coin. The winner gets the first choice, the other gets the second choice, and so on.
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Posted by James J. Gross on 09 Aug 2010