As you move closer to the divorce process, you’ll come to realize that you have concerns about property division. While you’re fighting to retain as many assets as possible, your spouse is doing the same. And that can result in a standoff of epic proportions.
Fortunately, there are a variety of steps you can take to protect your property in divorce:
- Create a property division checklist: This is a list of all your assets, broken down by category. For example, you can use categories such as real estate, financial accounts and personal property.
- Make note of individual property: Not all property is marital property. If you brought an asset into a marriage, such as a motor vehicle that’s only titled in your name, it should not be subject to property division.
- Place a value on your assets: This gives you a better idea of where to focus your attention. For example, have your family home assessed so you know exactly how much it’s worth. Make note of the amount of money in all your bank accounts and retirement accounts. Hire an appraiser to check out your artwork and antiques.
With the right strategy in place, you’re in position to protect your property in divorce. By doing this, you’ll feel better about your financial circumstances once your divorce is in the past.
Proper preparation goes a long way in protecting your legal rights. When you know what you’re up against, it’s easier to formulate a plan that protects you every step of the way. This isn’t a time to let your guard down.