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It’s good to have a property division checklist during divorce

When it comes to divorce and matters of property division, it is only natural to have some concerns. You hope that everything moves forward in a smooth and efficient manner, but you also know that you could get hung up at any point.

While you have your own idea of how the property division process should unfold, your ex-spouse may not feel the same way.

Going into this process, you want to learn as much as you can about property division and how everything will play out. This begins with creating a property division checklist to act as your guide.

There are five primary categories to include in your checklist:

  • Real property
  • Personal property
  • Financial assets
  • Business assets
  • Other

Once you have these categories in place, you can begin to put each and every asset into the appropriate one.

For example, your marital home and any vacation properties fit into the real property category.

If you have any cash on hand, bank accounts or retirement accounts, these will go into the financial assets category.

Personal property is all about items that you have in your home, such as artwork, collectibles, antiques, coin collections, furniture and other valuables.

Finally, business assets are exactly what they sound like: anything related to ownership of a business or professional practice.

While a property division checklist doesn't guarantee that you get what you want, it will go a long way in keeping you organized.

In addition to assets, you may need to divide some debt in the event of a divorce.

You never want to go into the divorce process without a clear idea of what to expect with respect to property division. Preparation is key to success when it comes to this detail.