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Get organized with a property division checklist

Dividing marital property in divorce is easier said than done, as both you and your soon to be ex-spouse have the same goal of obtaining as many assets as possible.

The best way to get organized is by creating a property division checklist. This does the following:

  • Provides a comprehensive list of every asset you own
  • Places a value on your assets
  • Allows you to draw the line between individual and marital property

Only you know what to include in your property division checklist, but some of the most common categories are as follows:

  • Personal property, such as jewelry, furniture, antiques and collectibles
  • Financial assets, such as bank and retirement accounts, life insurance policies, annuities, stocks and bonds
  • Real estate, including your family home, commercial property, rental property and vacation homes
  • Business assets, which come into play if either you and/or your spouse owns a stake in a business

Once you list out all your assets, you can move onto assigning a value to each one. This is simple for some, such as your bank accounts, but much more difficult when it comes to things such as your home and antiques.

As you get organized with a property division checklist, take some time to also focus on your debts. For example, you may have equity in your family home, but you may also have a mortgage on the property.

With the help of a property division checklist, you'll have a clear understanding of what you need to touch on during your divorce. The sooner you have this, the sooner you can turn your attention to other details.

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