No matter how contentious a divorce is (or isn’t) and no matter how much wealth a couple has (or lacks), there will always be the matter of property division in a divorce. “Property” can actually constitute a wide variety of entities in a divorce. For example, did you know that debt is actually something that can be divided up in a divorce? Did you know that, depending on the case, your pet could be considered a piece of property that only one of you gets?
Property is obviously very valuable, and given the wide variety of things that “property” can apply to in a divorce, it behooves any spouse going through a divorce to have a clear and thorough idea of what property he or she needs to be dealing with.
Here’s another great example: a house. You would assume that any spouse that is going through a divorce would fight tooth and nail for a home. It’s a valuable piece of property, so why wouldn’t you, right? Well, that home will almost certainly cost a pretty penny in taxes. Also, by getting that asset, you may be less likely to receive other assets.
In other words, pick and choose your battles carefully when it comes to property division. Also, if you are getting married anytime soon, you should consider a prenuptial agreement to help protect you from certain pieces of property that could hurt you in a divorce down the line. The prenup could also protect assets you really care about.