If you’re going through a divorce, there will come a time when matters of property division need to be figured out. While some people find that this is easier than expected, this is not always the case.
There are many things you need to do to get on the right track, including drafting your property division checklist. With this in hand, you can be confident that every last asset is addressed in the appropriate manner.
Here are the primary categories that include all of your assets:
- Real property
- Personal property
- Financial assets
- Business assets
It’s important that you list all assets in each category, to avoid leaving money on the bargaining table. For example, real property can include, but is not limited to, the family and vacation homes and vacant land.
Financial assets, on the other hand, include things such as cash, bank accounts, retirement accounts, stocks, bonds and insurance policies.
While it’s easy to focus all your time and attention on property division, remember that you also need to divide any debts that you hold with your soon to be ex-spouse.
It’s not always easy to make your way through the property division process, but it’s something that has to be done. If you’re taking part in mediation sessions, you can work with the other party to decide who gets what. With litigation, it’s up to the judge to make final decisions.
With a property division checklist to guide you, it’s easier to make informed and confident decisions, all the while knowing that you’re in position to receive what you are entitled to.your entitled share of the marital property.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Oct. 05, 2017