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Preparing for Divorce with a Property Division Checklist

Posted on in Complex Property Litigation

TX divorce lawyerCouples who own especially valuable or unique assets face a number of difficulties when it comes to divorce. Fortunately, individuals who find themselves in this situation do have certain tools at their disposal that can help them prepare for the property division process. Creating a property division checklist, for instance, has helped countless divorcing couples account for, categorize, value, and fairly divide their marital property. Creating a property division checklist, however, can be a difficult endeavor in its own right, so if you are considering divorce and have questions about how your marital assets will be divided, please contact an experienced high asset divorce lawyer who can walk you through the property division process.

Marital Property Categories

One of the biggest challenges faced by divorcing couples is deciding who will retain which assets. To help simplify this process, many divorcing couples are encouraged to create a property division checklist, in which they account for and categorize all of their assets. Although each couple’s property division checklist will look different, there are some basic categories under which most assets fall, including:

  • Personal property, which can include everything from home furnishings and electronics to jewelry and collectibles
  • Financial assets, including bank accounts, stocks and bonds, life insurance policies, retirement accounts, cash, and pensions
  • Real property, which includes not only the marital home, but also any vacation homes, rental properties, undeveloped land, or commercial properties
  • Business assets, including any ownership interests in a business or company equipment

Once a couple has each of these categories in place, they can go through their assets one at a time and place them in the proper category.

The Advantages of Creating a Property Division Checklist

While creating a property division checklist may seem like a lot of work, it can actually save couples a significant amount of time and stress moving forward, as creating this type of list helps:

  • Provide couples with guidance throughout the divorce process
  • Couples determine whether one spouse is attempting to hide certain assets
  • Ensure that divorcing couples don’t forget to account for any assets
  • Couples ensure that they are making sound decisions
  • Put couples’ minds at ease regarding the fate of their marital assets

It’s also important for divorcing couples to remember to account for marital debt, which will also be divided upon divorce. This could include everything from mortgages and car loans to credit card debt and school loans.

Experienced Austin, TX High Asset Divorce Lawyers

If you and your spouse are thinking about filing for divorce, you may want to consider creating a property division checklist. For help identifying, categorizing, appraising, and ultimately dividing your own marital assets, please call the dedicated Austin, TX high asset divorce attorneys at Powers and Kerr, PLLC today. We can be reached at 512-610-6199 or via online message, so please don’t hesitate to call or contact us online at your earliest convenience.

 

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#51bcef511958

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