It’s not always easy to divide your property during a divorce, especially after decades of marriage. You may not remember who spent money on a particular asset or may share accounts, so everything is legitimately shared by both parties.
The good news about a divorce in Maine is that you are asked to divide your property equitably. What’s not great about that is that you may not know what is or isn’t fair. However, you and your spouse have a great opportunity to decide on how to divide your assets on your own thanks to the laws of the state.
If you can’t agree, you can turn to a judge for help, but there are other options such as mediation or arbitration as well. In most cases, people are able to decide how to divide their property between themselves. If you can, it will save you time and money.
When you decide on how to divide your property, it’s important that you and your spouse know the value of all your property and an approximate amount that you believe is fair. For instance, if you both worked and supported the home, splitting the assets 50-50 might be fair. If that’s so, you still need to know the relative value of each asset and decide who receives what. This can take some time, but if you can work out the solution on your own, it makes for a less-contentious divorce.
Our site has more on dividing your marital property. It’s one of many things you need to do during your divorce, so don’t be afraid to ask for help.