Many people shy away from divorce because they are afraid of the various challenges they will face. They assume it’s probably easiest to stay in their marriage, even if it means they are unhappy.
You don’t want to find yourself in this same position. Even though there may be challenges, there is nothing so big that it can’t be overcome.
Property division, for example, is something that many people worry about. They don’t want to divorce because they think they will lose everything.
While there is no denying the fact that you will have to compromise on some items, you will get a fair shake if you take the right approach (and understand your legal rights).
This all starts with one thing: making note of all your assets.
Once you do this, it’s much easier to understand how the property division process will unfold.
Making a property division checklist is a good idea, as this helps you organize your assets into distinct categories. The most common categories include:
- Real property. This includes things such as your family home and rental property.
- Personal property. This includes most valuables that you have in your home, such as electronics, memorabilia, furnishings, artwork and china.
- Financial assets. This includes bank accounts, retirement accounts, life insurance, educational accounts and cash among other types of assets.
- Business assets. This includes any stake you have in a business, as well as professional practices and degrees.
Along with your assets, don’t overlook the fact that you will also divide any debt that you took on during the marriage. This can include things such as a mortgage, car loans, personal loans and credit cards.
When you prepare for divorce with a property division checklist, you’ll have a clear idea of what you need to deal with as things move forward.
Finally, don’t hesitate to make note of any assets your spouse may be trying to hide from the court. If you find that he or she is hiding something, don’t be shy about bringing it to the court’s attention.
