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Knowing how to divide property after a divorce is a great way to avoid future confrontations, but many couples are unsure of where to begin this process. Dividing assets can become even more problematic for long-term partners who have valuable property or larger debts. Here is a look at some tips that will help you get through this process as quickly as possible while avoiding common financial mistakes.

Contact an Attorney Immediately

The best thing you can do for yourself and your finances is to contact a divorce attorney as soon as you believe your marriage might end. Contrary to popular belief, working with a lawyer could actually help you de-escalate the situation. If the divorce becomes emotional or heated, then the lawyer will provide you with the assistance you need to protect your finances.

Listing Assets and Debts

While you might hope you can come to a fair agreement that satisfies both parties, it is not always that easy. Both partners should begin drafting a list of all debts and assets that were accrued during their marriage. Once the list has been made, you can then begin looking it over to see what each individual will receive.

Personal Property and Communal Property

Determining what is personal property and what is communal property is a slightly more complicated task. As a general rule, communal property must either be purchased by both parties or regularly used by both parties. Examples of this would be sets of furniture or the home itself. Even if one side purchased the items, it might still be considered communal property if it was used by both sides equally.

Determining Market Value

This is another complicated step that should always be overseen by an experienced attorney. Due to the fact that most assets and debts cannot be perfectly split down the middle, a fair amount of maneuvering will need to take place so the division is equal. In some cases, your attorney might suggest contacting an inspector or specialist to determine the value of larger assets.