The loss of any property due to an unforeseen event or disaster is always devastating. In recent years, Georgia residents have experienced many types of emergencies that have led to millions of dollars in damage. Even with preparedness, quick response, and assistance from the state government it can take years for a person to completely recover from the loss of personal property. A couple going through a divorce may find themselves in the difficult position of having to work together to handle the loss while simultaneously trying to find a way to reach a fair settlement agreement. Dealing with property loss during a divorce is complicated but possible if you have the right legal representation.
Notify All Interested Parties
The worst thing that you could do after property is damaged or lost is concealing the incident from your spouse and your attorneys. Even if not telling anyone about the loss is an honest mistake or oversight, it could make it appear as if you were actively trying to conceal information. Once you have learned that your home, vehicle, or other joint asset is damaged, stolen, or destroyed, contact your own attorney. Having them notify your spouse and their attorney may avoid or limit conflict.
Plan on Moving Forward
After a major piece of property is damaged or destroyed, over a year may pass before you are able to fully recover from the loss. When a large piece of property like a home or office building is destroyed, the average person spends at least 18 months (in some cases two years) assessing damage, filing claims, and rebuilding. Though both parties might want to wait until the property is recovered before moving forward, that is not always an option. Being prepared to move forward with your divorce before your property is repaired or replaced can ultimate save you a great deal of time and heartache.
Prepare for Financial Difficulty
A divorce is often one of the most expensive processes in a person’s life and losing an important piece of property can make the financial aspects of a divorce even harder to bear. If you or your spouse were still living in the property, you will now need to find a new place to live and may need to continue paying expenses associated with the lost property. Depending on your insurance type, you may need to pay for certain expenses out of pocket, and if a natural disaster damaged your entire area, you could end up in a situation where you are out of work at a time when you need to earn as much money as possible. Even if you are able to finalize your divorce, the average divorced person experiences a large drop in income, and having this loss of money happen when you are already struggling to recover financially from property loss can prolong your financial troubles.
The assistance of an attorney who has experience dealing with division of property during a divorce can help you even if your property is lost or destroyed. The team at Vayman & Teitelbaum is prepared to guide you during this difficult time and help you come up with a viable plan. Contact us today and schedule an appointment at one of our four locations so that we can begin providing you with the zealous representation that you need.