Many people find it hard to imagine that they will ever go through the divorce process. Even so, this could happen to you at some point in the future.
While your primary goal may be to put your marriage in the past so you can move on with your life, there’s something to remember: You need to be active in regard to property division.
It’s important to keep one eye on this at all times, as to ensure that you don’t get taken advantage of along the way.
Creating a property division checklist is one of the best things you can do, as this gives you a clear idea of the assets that will come into play during this part of your divorce.
Tip: Don’t forget to list out all of your debts as well, as these will need to be taken into consideration.
When creating a property division checklist, here are the four categories you can use:
- Real property
- Personal property
- Financial assets
- Business assets
Although it can be time-consuming, you need to assign every asset to one of these categories. This way, as things progress, you’ll never overlook something that is important to you.
Don’t forget that your soon to be ex-spouse will be doing the same thing as you. Adding to this, the person could be attempting to hide assets from the court, as to ensure that they are not subject to property division. You need to be aware of this, so that you can help bring it to light if the time comes.
You can never go wrong when you spend time preparing for your divorce and property division. With a checklist guiding you, it’s easier to see how things could play out as the process moves ahead.
You have legal rights and you need to protect them at all costs. It doesn’t matter if you’re going through mediation or litigation, a property division checklist will help to put your mind in a better place during this difficult time.