Are you heading for divorce? Are you beginning to wonder what will happen in regard to property division? Do you have some concerns about losing out on property that you should be able to retain?
There is a lot to think about when going through divorce, with matters of property division at the top of your list.
While no two divorces are the same, there are steps you can take to ensure that you get what you deserve from the property division process.
To start, you need to understand the many laws in your state that govern property division. For example, if you purchased an item with your spouse, it is considered joint property. However, if you brought an asset into the marriage, it's not likely to come into play during your divorce.
One of the best things you can do is make a list of all your assets and debts. With a property division checklist guiding you, there's no concern about overlooking something of importance.
Here are the four categories that make up a property division checklist, as well as some of the many assets that fit into each one:
- Real property. In addition to your marital home, this can include things such as rental property, vacation homes and undeveloped land.
- Personal property. Typically the most in depth category, this includes items such as: furniture, electronics, guns, boats, cars, RVs, antiques, collectibles, jewelry, china and clothing (just to name a few).
- Financial assets. These are just what you would expect: cash, retirement accounts, bank accounts, pensions, stocks, bonds, mutual funds, annuities, trusts and life insurance policy cash values.
- Business assets. In the event that one or both individuals is a business owner, there may be some assets that come into play.
With the help of a property division checklist, you're in position to save yourself both time and money. Not to mention the fact that this information will reduce your level of stress.
Once you have a property division checklist in place, learn more about how the divorce process will unfold in New York and what you can do to put yourself in position for success.