Are you in the early stages of the divorce process? If so, now is the time to turn your attention to property division. At some point, this will consume your mind as you attempt to do what’s right for you and your future.
As one half of a married couple, there is a good chance you decided at some point to make a purchase with your spouse. While there is nothing wrong with this, it can cloud the lines of ownership if you move forward with a divorce.
Fortunately, when you make a property division checklist, you can get a high level overview of everything you own and what needs to be taken into consideration during the divorce.
— Real property. This can include but is not limited to your primary home, second homes, and undeveloped land.
— Personal property. Encompassing many items, some of the most common include: home furnishings, electronics, home office equipment, motor vehicles, collectibles, jewelry, and crystal.
— Financial assets. This includes but is not limited to cash, checking and savings accounts, retirement accounts, educational accounts, pensions, mutual funds, and life insurance policy cash values.
— Business assets.
If you don’t have a property division checklist, it can be difficult to understand what needs addressed during the divorce. Plus, it’s possible that an important asset could slip through the cracks.
Although there are challenges standing in your way, when you’re guided by a checklist and have the right legal help on your side, you can make informed and confident decisions that will ensure a better future.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Dec. 08, 2016