Splitting Time, Money, and Property With Your Partner

Some of the practical aspects of getting together with another person as a partner become very impractical when you split up. This can be concerning marriages, casual relationships or even business partnerships. And three of the big categories that come into play when the split happens are going to involve time, money, and property. Understanding consequences of that splitting process in advance can help take some of the drama out of the reality.

Splitting Time, Money, and Property With Your Partner

Consider property agreements, child support arrangements, closing out joint bank accounts, and the necessity of arranging schedules around new circumstances, and you begin to understand some of the ramifications of splitting your partnership with the folks in your lives.

Property Agreements 

Particularly when it comes to people getting married and divorced, property agreements can become complicated. If a person owns property before getting married, and then the distribution of that property after divorce comes into question, you may need a lawyer to help with property separation matters. In addition to the psychological and physical reality of the separation, there are a lot of legal considerations as well, and that’s why having an attorney makes sense for both of you.

Child Support Arrangements 

Getting a divorce after you have children can be particularly painful. But understanding how to handle child support arrangements early on in the process will help everything go much more smoothly. If your children are old enough to have input into the situation, letting them know how time and space are going to be separated after the divorce can help them understand and cope as well. Depending on which parent makes more money and which parent has more time, there are a plethora of different available options when it comes to final legal arrangements.

Closing Out Joint Accounts

If you and your partner have both put money into the same financial account, then you have to figure out how to close that account out in a way that both of you feel is reasonable. You can follow the money back to deposits and expenditures to help sort out the details, but again is a situation that can get sticky and emotional as you’re trying to separate from each other.

Arranging Schedules Around New Lives 

Ultimately, your calendars and time schedules will be entirely different after you separate from someone. And this could be a separation from a spouse or business partner. Ideally, you’ll figure out how to arrange your schedules together so that you know which activities you still have a mutual interest in, and which events need to be entirely separate. Going back to the idea of child support arrangements, parents who split custody with their children need to make sure they have very clear instructions and procedures on how to make sure that they stick with consistent time schedules.

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