There is a lot at stake when going through a divorce. As such, many divorcing couples focus their immediate attention to matters of property division. There is a simple reason for this, as all hope to get their fair share of marital assets in the eventual settlement.
While hammering out the details can be a challenge, there are many steps you can take to stay on track from start to finish. For many, this begins with creating a property division checklist.
With a property division checklist guiding you, it’s simple to know on which assets to focus during your divorce. This also makes it easier to determine if your soon-to-be ex-spouse is attempting to hide assets like cash from the court.
What should you include on your property division checklist?
The simple answer is everything. If it’s an asset, even if it’s one that you brought into the marriage, include it on your checklist. Any separately-owned assets should be noted as such on your list.
You can break your property division checklist down into four distinct categories:
- Personal property. These are the items in your home, such as jewelry, furniture, electronics, motor vehicles, rugs, china, crystal and guns (and those are just a few examples).
- Real property. This can include, but is not limited to, the family home, vacation properties, vacant land and rental homes.
- Financial assets. One of the most valuable categories includes items like bank and retirement accounts, stocks and bonds, life insurance cash values, pensions, profit sharing and educational accounts.
- Business assets. Many high asset divorces include at least one business owned by the couple. In this case, all business assets should be included on your property division checklist.
Property division can be every bit as complex as it sounds, with so many assets to take into consideration. As long as you combine a property division checklist with knowledge of your legal rights, you should feel comfortable with the path toward disentangling your financial affairs from those of the spouse whom you’re divorcing.