The division of assets is something most people don’t look forward to in the divorce process. They know this is coming at some point, but they have major concerns about the end result.
There are two things you can do to put yourself in better position regarding property division:
- Come to grips with the fact that you are not going to get to keep everything
- Use a property division checklist to organize your situation and better understand where to focus your time and energy
Without a property division checklist, it’s easy to overlook assets that should be part of the divorce case. Not to mention the fact that you may forget about something that your ex-spouse should have brought to light.
Here are the four categories that typically make up a property division checklist:
- Real estate. For many, this is nothing more than the family home, but it can also include vacation property, land, campsites and business property.
- Personal property. If it’s something you keep in your home, such as a car or artwork, it will fit into this category. This is likely to be the category with the most assets.
- Financial assets. This includes but is not limited to retirement accounts, pensions, savings accounts, checking accounts, cash, stocks, bonds and life insurance policies.
- Business assets. If you’re a business owner, you’ll need to list out all assets on your property division checklist.
Along with the above, you should make a list of your debts. It’s easy to focus so much time on your assets that you overlook the division of debt, such as credit card balances, car loans and personal loans.
You don’t want to cause yourself any additional stress during the divorce process. This is why it’s so important to create a property division checklist as soon as you get a chance.
With this checklist and knowledge of the divorce process, it’s easier to protect your legal rights and feel confident in the decisions you’re making.