As you move forward with the divorce process, you'll come to find that there is a lot to think about with respect to property division.
Since you want to get a fair shake as things progress, you need to have a clear idea of what to expect in regard to property division.
One of the best things you can do is create a property division checklist. This gives you a clear idea of what will come into play.
There are four primary categories that make up a property division checklist, including the following:
- Real property: family home, business property, rental property and vacation homes.
- Personal property: rugs, antiques, furniture, china, coin collections, collectibles, crystal, jewelry and computers.
- Financial assets: savings accounts, checking accounts, cash on hand, retirement accounts, stocks and bonds, pensions, and profit sharing.
- Business assets: professional practice, professional degree, partnerships, and sole proprietorships.
These are just a few of the many things that you may include in a property division checklist. It goes without saying that other assets could fit into one or more of these categories.
From the day you realize that you are moving forward with a divorce, you need to know which types of assets will be subject to division.
It's hard to go through this process, as you know you will be giving something up along the way, but there is no choice. The best thing you can do is understand what to expect, so that you can protect your rights.
Property division is a big part of any divorce, so you don't want to wait too long to prepare for anything that could come your way.