The divorce process can be complex on many levels, especially when it comes to matters of property division.
You don't want to make any mistakes along the way, so the use of a property division checklist is a must. With this in hand, you can put your mind at ease.
While no two property division checklists will look exactly the same, there are a few categories you can probably use to get organized:
- Real estate. From the family home to vacation property to undeveloped land, be sure to list any of the real estate that you own.
- Personal property. This is often the largest category on a property division checklist, as it includes pretty much everything you keep in your home. This can include but is not limited to furniture, electronics, artwork, china, coin collections, computers, cars, boats and RVs.
- Financial assets. There are many things that fit into this category, such as checking and savings accounts, cash on hand, retirement accounts, pensions, profit sharing, stocks, bonds and life insurance policy cash values.
- Business assets. This doesn't always come into play with a divorce, but when it does it can throw a wrench into the plans. If you or your spouse have an interest in a business, you'll need to breakdown the finer details on your property division checklist.
If you don't have a checklist guiding you, it's easy to forget about something that should be subject to division.
In addition to making your own property division checklist, make note of any types of assets that your ex-spouse may be trying to hide from the court. You don't want this to be swept under the rug and overlooked.
There is a lot to think about when going through divorce and fighting for your rights, but the use of a property division checklist can ease the tension and help you make more confident decisions as the process continues forward.