For many people, the biggest concern with the asset division process is organization. This is particularly true among those who have complex assets, such as a variety of retirement accounts or real estate all over the world.
With the help of a checklist, you can organize your separate and marital property upfront. By doing so, it's easier to make informed decisions and have successful negotiations as the divorce process pushes forward.
When creating a checklist, add your assets into the following four categories;
- Personal property: Examples include artwork, collectibles, furniture, electronics and motor vehicles.
- Real property: Examples include family home, rental property, vacation homes, business property and land.
- Financial assets: Examples include bank accounts, cash, educational accounts, retirement accounts, stocks, bonds, mutual funds, annuities, pensions and life insurance policy cash values.
- Business assets: Examples include commercial property and business equipment.
As you move your assets into each category, you'll come to better understand what you're up against with your divorce.
Don't forget about your debts
It's easy to become so lost in asset division that you overlook your many debts. These can include things such as mortgage, car loans, personal loans and credit cards.
With the help of a checklist, complex asset division becomes a bit easier to understand. This doesn't mean you'll be able to quickly negotiate with the other individual, but at least you'll know where things stand along the way.
If you come to find that your soon-to-be ex-spouse is attempting to hide assets during your divorce, take the steps necessary to bring these to light. Neglecting to do so could result in you missing out on an asset you're entitled to.