It goes without saying that property division has the potential to slow down the divorce process. And it also goes without saying that some assets are more important to you than others, typically as a result of the value.
As you prepare for divorce, create a property division checklist that outlines all your assets and the value of each one. You can also use this checklist to make note of which assets are marital and individual property.
Here are some of the assets that are likely to be among the most valuable:
- The family home and other types of real estate, such as rental properties
- Motor vehicles, including cars, boats and RVs
- Bank accounts
- Retirement accounts
You get the point. There’s a lot to consider when it comes to property division, so it’s critical that you prepare accordingly for the negotiations.
For example, if you jointly own your home family, you need to decide if one individual will stay put or if you’ll sell the property and split the proceeds.
Conversely, if you’re the sole owner of the property, such as if you purchased it before tying the knot, it may not be subject to division.
As you prepare for divorce, focus on the steps you can take to protect your most valuable assets. You’re not going to get everything you want when dividing your property, but you have legal rights. You must take steps to ensure that you don’t get taken advantage of.
When you understand property division, your rights and how to protect them, it’s easier to prevent trouble that could affect your financial future.