There is nothing simple about divorce. Not only is your personal life changing forever, but you also need to take into consideration the financial impact.
As soon as you realize that divorce is the only answer to your marital problems, it’s time to create a property division checklist.
This can take some time, but once you have a checklist in place you’ll feel better about what the future will bring.
No two people will use the same formula when creating a property division checklist, but there are four primary categories you can use to get started:
- Real property. This includes things such as: family home, rental property, undeveloped land and business property.
- Personal property. This typically includes items you keep in your home, such as: furniture, clothing, electronics, artwork, rugs, antiques, home office equipment, jewelry, and all types of motor vehicles.
- Financial assets. One of the biggest categories, these assets can include: retirement accounts, bank accounts, stocks and bonds, life insurance cash value, cash on hand, pensions, mutual funds, CDs and annuities.
- Business assets. These don’t come into play in every divorce, but if you’re a business owner you’ll need to make note of these assets.
In addition to a property division checklist that includes all of your assets, make a separate list of your debts. This can include everything from credit cards to car loans to the mortgage on your family home.
There is a lot to consider as you move forward with divorce, including what will happen to your assets and debts.
Since you want to get a “fair shake” you need to use a property division checklist to your advantage. This ensures that you know which assets will come into play, while also protecting against your ex-spouse attempting to hide something from the court.
Even if you know divorce is the answer to your marital problems, it’s never easy. Matters of property division can get in the way, so make sure you create a checklist and have a clear idea of your legal rights.