There are many challenges standing in between you and the end of the divorce process. For many, there is one that stands out from the crowd: property division.
There is more to property division than meets the eye, as you aren't always going to get exactly what you want. Even so, there are steps you can take to put yourself in position for success.
One of the first things you should do is create a property division checklist. With this in hand, it's much easier to understand what you own jointly, what you own separately, and what will come into play as your divorces moves forward.
A property division checklist is typically broken down into four distinct categories:
- Real property, such as the family home, vacation homes, undeveloped land, and business real estate
- Personal property, including but not limited to crystal, china, collectibles, home furnishings, electronics, rugs, computers, home office equipment, furs, and clothing
- Financial assets, such as checking and savings accounts, educational accounts, pensions, retirement accounts, cash on hand, mutual funds, stocks and bonds, and life insurance policies have a cash value
- Business assets, such as professional practices, partnerships, and any money associated with a company
With this in mind, you can input your assets into the appropriate category. When doing so, make note of anything that isn't subject to division, such as something you brought into the marriage.
In addition to property division, your debt will also come into play. For instance, if you have joint credit card debt, you will need to figure out a way to deal with this in a fair and timely manner.
There is nothing simple about property division, so that's why you need to remain organized from beginning to end. This will help you avoid mistakes that could cost you time and money.
Once you have a property division checklist, you can begin the process of working out "who gets what" with your soon to be former spouse.