If you are going through the divorce process at the present time or have reason to believe that you will face this challenge in the future, it's imperative that you get on the right track without delay.
There are many things you need to do, with creating a property division checklist at the top of your to-do list. With this in hand, you'll find it easier to stay organized as the process moves forward.
Your property division checklist may not be the same as your former spouse, but make sure you do your best to include everything that is subject to division. There is no point in leaving anything off your list.
You can use a variety of methods for creating a property division checklist. Here are the four categories that most property fits into:
- Real property
- Personal property
- Financial assets
- Business assets
For example, real property includes things such as the family home, business space, vacation home and undeveloped land.
As you move onto personal property, you'll take into consideration things such as: artwork, china, crystal, rugs, home furnishings, guns, computers, home office equipment, motor vehicles and recreational vehicles.
Financial assets can include things such as cash, checking accounts, savings accounts and retirement accounts.
Finally, business assets have anything to do with ownership in a business, such as a professional practice.
With a property division checklist in hand, it's easier to know what to expect as your divorce moves forward. It will also help avoid a situation in which your former spouse hides something from the court.
There is a lot that goes into filing for divorce, with property division among the top challenges. You must think long and hard about how to best approach this process, realizing that you need to stay within the limits of the law.