It can be a challenge to ask your spouse for a divorce. Unfortunately, this is just the beginning of the process.
Once you are both on the same page, you then need to turn your attention to a variety of family law issues, such as those associated with property division, child custody, child support and alimony.
Many people, especially those without children, find themselves focused on matters of property division.
If you find yourself in this position, you’ll want to create a property division checklist. This will give you a clear idea of what will come to the forefront during your divorce.
Breakdown your property division checklist into four categories:
- Real property
- Personal property
- Financial assets
- Business assets
Once you do this, you can place all your assets into the appropriate category.
For instance, if you own a home and rental property with the other person, it will go into the real property category. If you have bank accounts and retirement accounts, these will fit into the financial assets category.
As long as you include every asset somewhere, you won’t overlook something of importance during your divorce.
You should never attempt to hide something in your divorce. Just the same, you should make sure your soon-to-be ex-spouse doesn’t get away with this.
The more you learn about the divorce process, including what to expect in regards to property division, the easier it becomes to feel better about the final outcome. Having a checklist will go a long way in putting your mind at ease, all the while allowing you to make informed decisions.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Nov. 24, 2017