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Divorce, property division and making sure you get a fair shake

On Behalf of | Nov 16, 2017 | high asset divorce | 0 comments

As you stare down the divorce process, you know that there will be challenges standing in your way.

It doesn’t matter if you opt for mediation or litigation, nothing changes the fact that there will be things you like, things you don’t like, and things you need to get over in a hurry.

For many people, especially those who don’t have children, property division quickly moves to the forefront of the divorce process.

Your job is simple: to make sure you get a fair shake in regard to what you receive after the divorce.

One of the best ways to get a fair shake is to create a property division checklist. With this in hand, you’ll have a clear idea of which items to discuss.

You should disclose all your assets, while also doing whatever you can to ensure that your soon to be ex-spouse does the same.

Here are the categories to use when creating a property division checklist:

  • Real property. From your family home to any vacation properties, any type of real estate belongs here.
  • Personal property. Typically the biggest category, this includes everything from household goods to electronics to coin collections. If it’s in your home, there’s a good chance it belongs here.
  • Financial assets. This can include things such as bank accounts, cash on hand, retirement accounts, annuities, life insurance and pensions.
  • Business assets. This doesn’t impact every divorcing couple, but it definitely comes into play for business owners.

Once you have a comprehensive list in front of you, it’s time to take notes in regard to every item. For instance, if you brought a particular item into the marriage, such as a stamp collection, it may not be subject to division.

It can be frustrating to deal with matters of property division, as you may find that you’re unable to get everything you want. Even so, when you have a checklist and understand your legal rights, you’re in position to protect yourself to ensure that you get a fair shake.