The divorce process is every bit as stressful as it sounds. There are many reasons for this, including the impact that it will have on your finances.
It’s important to do whatever you can to ease your stress, which often means creating a property division checklist. This doesn’t guarantee you will be happy with the way things work out, but it can definitely put you in a better position as you move forward.
If you’re going to create a property division checklist, here are the basic categories you can start with:
- Real property. This includes things such as your family home, undeveloped land and vacation properties.
- Personal property. Think of this as the many items that you have in your home, such as furnishings, electronics, artwork, china, crystal, jewelry, clothing and motor vehicles.
- Financial assets. This includes but is not limited to cash on hand, bank accounts, retirement accounts, stocks and bonds.
- Business assets. Any business interest, such as ownership of a company, may be subject to division in a divorce.
You need to take the time to add each and every one of your assets to one of these categories. This is the best way to get organized and to avoid a situation in which something is overlooked.
To go along with your many assets, debt will also come into play during a divorce. For instance, if you have joint credit card debt, you must implement a system for dealing with this.
A property division checklist does not guarantee you will never run into a challenge regarding this detail of the divorce process, but it can definitely work in your favor.
There are many things to think about during a divorce, which is why you need to get everything in order as quickly as possible. When you know your legal rights and rely on tools like a property division checklist, it’s much easier to feel confident in the decisions you are making. In the end, the only thing that matters is that you put your divorce in the past and feel better about your life in the future.