There is a lot to think about as you go through the divorce process in Fairfax. Property division is a complicated issue, and you likely have questions.
Property division is an important part of your divorce. Creating a property division checklist is one of the best things you can do, as the organization associated with it can put your mind at ease.
The best approach is to break down your property division checklist into the following four categories:
- Real estate: This includes your family home, as well as any vacation property, rental property, business property and undeveloped land.
- Personal property: This typically includes the items you keep at home, such as: art, antiques, jewelry, electronics, furniture, clothing, collectibles and all types of motor vehicles.
- Financial assets: Often the most valuable category, it includes bank accounts, retirement accounts, stocks and bonds, pensions, annuities, trusts and life insurance policy cash values, among others.
- Business assets: It doesn't pertain to everyone, but if either individual owns a business it's critical to make a list of assets that could come into play.
As you create a property division checklist, you should also make note of any assets that you brought into the marriage. For example, if you purchased a vehicle before tying the knot and it's only in your name, it's not likely to be part of the divorce process.
Along with your assets, create a checklist of liabilities. These can include but are not limited to:
- Car loans
- Credit card debt
- Personal loans
- Home equity loans or line of credit
It's easy to focus your attention on assets, but more difficult to decide how to deal with debt in your divorce.
With the help of a property division checklist, you're able to confidently protect your legal rights during the divorce process. Without this, it's possible to overlook an important asset, thus missing out on something that's rightfully yours.
For more information and advice pertaining to property division and related matters, visit our website and read our past blog posts.