When moving through the divorce process, you can expect to have a variety of questions and concerns. Since property division is among the most important details of your divorce, it's critical to get on the right track from the start.
Organization is essential during divorce, and this is particularly true when it comes to matters of property and debt division. A property division checklist is easy to create, and once you have this in place, it will help keep you in order.
Here are the four primary categories that should make up a property division checklist:
- Real estate: This includes your marital home, rental property, business property, vacation home, undeveloped land and any other forms of real estate.
- Personal property: This typically includes the items that you keep at home, such as antiques, artwork, china, jewelry, furniture, collectibles, electronics, clothing, motor vehicles, boats and recreational vehicles.
- Financial assets: The most common assets include checking and savings accounts, retirement accounts, life insurance policy cash values, pensions, stocks, bonds, mutual funds, annuities, trusts and educational accounts.
- Business assets: If you and/or your spouse are a business owner, these assets should be included in your checklist. This can include everything from business checking accounts to commercial real estate to office furniture.
A property division checklist doesn't guarantee you'll get everything you want out of your divorce, but it should organize you while also providing peace of mind.
Along with the above, make note of any assets that you don't believe should be part of your divorce. These are assets that you brought into the marriage and own individually, as opposed to with your spouse.
You should also keep a close eye out for any assets your soon-to-be ex-spouse is attempting to hide from the court.
There's a lot going through your mind during the divorce process, so organization is essential to your success. A property division checklist will keep you on track, help you avoid mix-ups and put you in position to protect your legal rights. In the end, you want to be able to look back and realize that you made all the right decisions.
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