On behalf of Mohajer Law Firm, APC on Monday, December 24, 2018.
When you tie the knot, it typically leads to the commingling of assets. From homes to cars, from furniture to electronics, you make a variety of purchases as a couple.
While there’s nothing wrong with this, all of these assets will come into play if you decide to divorce.
As you review your situation, with an eye toward marital and separate property, you’ll come to find that it’s difficult to keep track of everything that’s subject to division.
This is where a property division checklist can help. With this guiding you, there are no concerns about overlooking something of importance.
While no two property division checklists are identical, most people find they can place their assets into one of four categories. These are as follows (along with some common examples):
Real property: Marital home, rental properties, vacation homes, undeveloped land and business property.
Personal property: Antiques, electronics, home furnishings, motor vehicles, collections, china, jewelry, guns, clothing and home office equipment.
Financial assets: Cash on hand, bank accounts, educational accounts, retirement accounts, pensions, stocks, bonds, certificates of deposit, annuities, trusts and life insurance policy cash values.
Business assets: Professional degree, professional practice, sole proprietorships, business real estate and business assets.
What about debt?
A property division checklist is created to help you clearly understand the assets that require division in your divorce. However, this doesn’t mean you can lose sight of your debt, as this is just as important to your current and future financial well-being.
There are many types of debt that require division, including but not limited to:
- Mortgage
- Car loans
- Personal loans
- Credit cards
- Home equity lines of credit
- Home equity loans
- Medical debt
Since these types of debt are often associated with assets, such as a mortgage, you need to know exactly what you’re getting when negotiating with your soon-to-be ex-spouse.
If you have concerns about property division, use a checklist to keep you on track from start to finish. This doesn’t guarantee that negotiations will go as planned, but it will definitely help you better understand your situation.
When you combine a property division checklist with knowledge of your legal rights, you are in position to get what you deserve in your divorce.