When going through a divorce, you’re likely to have questions and concerns about property and debt division.
There’s no way of knowing what the future holds. There’s also no way of getting every last asset in your divorce. However, when you create a property division checklist, you’re able to better protect your assets and give you the confidence you need to proceed.
Here are the questions you’re trying to answer with a property division checklist:
- Which assets are subject to division? This one of the primary points of creating a property division checklist. You need a clear understanding of the assets that will come into play, so that you can protect them accordingly.
- Are all your assets marital assets? There’s a chance that one or both of you brought assets into the marriage. If this is the case, they may not be subject to property division.
- What is the value of your assets? This is easy to answer in some cases, but much more difficult in others. Do your best to assign a value to each asset, even if that means bringing in a third party appraiser. It’s nice to have a clear idea of what each of your assets is worth before the divorce process begins.
- Do you want to stay in your family home? A question that always has the chance to cause tension, have an idea of whether you want to fight to stay in your home or if you’re okay moving on. For example, if you have children together, you may want to stay in the home to raise them. But if you don’t feel that you can afford the home on your own, it’s likely best to move on.
There are many benefits of creating a property division checklist. With this by your side, it’s easier to protect your assets in divorce.
You can’t expect everything to go your way in regards to property division, but that shouldn’t stop you from trying. By answering the questions above, you’re able to better protect your legal rights. And when you do that, there’s less stress on you during the divorce process.