You should expect to face a variety of challenges during the divorce process, with property division at the top of the list.
Just as you’re hoping to get your hands on as many assets as possible, your soon-to-be ex-spouse has the same intentions. This can make it difficult to work things out.
Creating a property division checklist will go a long way in helping you prepare for this part of your divorce. You can get started by adding assets to the following four categories:
- Real property
- Personal property
- Financial assets
- Business assets
Once you complete your property division checklist, you should have a clear idea of the assets that you will need to work through with the other individual.
Real property, for example, often moves to the forefront as this includes the family home. If both individuals want to stay in the family home, this can be a sticking point.
Do your best to uncover any assets that the other person may be hiding, as he or she is not permitted to do so during a divorce.
Although it can be a challenge to organize a property division checklist, this is one of the best steps you can take from an organization perspective.
If you opt for mediation, you can work with your spouse to figure things out in regards to property division. If you end up in litigation, the judge will have greater say over what happens. Either way, you need to have a clear idea of the property that needs divided and the steps you can take to protect your legal rights.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Nov. 08, 2017