What are your primary concerns regarding the divorce process? Are you worried about child custody and child support? Have you turned your attention to property division, perhaps because you don’t have any children together?
While every aspect of divorce deserves your attention, you’ll likely soon find yourself focusing a lot of time and energy on matters of property division. Here’s why: You want to receive your fair share of assets. Easy enough, right?
Property division can be full of complex twists and turns, as you and your ex-spouse might not have the same ideas in regard to how to best move forward. Fortunately, with a property division checklist in hand, it could be much easier to push forward without triggering any unnecessary stress.
A property division checklist should generally include the following four categories:
- Real estate property. In addition to the family home, this can include rental property, vacant land and vacation homes.
- Personal property. Almost always the biggest category, it includes the items you keep in your home. From artwork to antiques from jewelry to motor vehicles, you really need to take your time as you create this part of your checklist. It’s easy to forget something if you aren’t paying attention.
- Financial assets. This includes bank accounts, retirement accounts, life insurance cash values, stock and bonds, mutual funds, educational accounts, annuities, and trusts, among other things.
- Business assets. If either individual owns any stake in a business, its assets may come into play during the divorce.
In addition to a list of all of your assets, you should make note of any debts that you are carrying. These may also require division, and can include things such as credit cards, mortgages and personal loans.
A property division checklist doesn’t guarantee that everything will work out in your favor, but it could help keep you organized and informed during the divorce process.
In addition to your checklist, make sure you get in the right frame of mind when it comes time to discuss property division. It’s important to protect your legal rights, but you also need to keep an open mind, as negotiation and compromise could be important to your success.