Using A Property Division Checklist Can Help Protect Your Assets
When going through a divorce, you may find yourself with a number of questions and concerns about how your assets and debts will be divided. While Florida courts distribute marital property according to the equitable division standard, the form that that division takes will vary depending on the specific circumstances of a couple’s case. One of the first steps that a couple can take in getting a better handle on this process, is to create a property division checklist that accounts for all of the parties’ marital and separate assets. This can be a difficult process, so if you are thinking about ending your marriage, you may want to contact an experienced Largo divorce lawyer who can advise you.
Accounting for Marital Assets
To help simplify the process of dividing property upon divorce, many couples create property division checklists, where they can identify and categorize their assets. While each couple’s list will look different, some or all of the following assets usually make it into the parties’ accounting:
- Real estate, including the marital home, vacation or rental properties, commercial properties, and undeveloped land;
- Financial assets, including bank accounts, life insurance policies, stocks and bonds, retirement accounts, pensions, and cash;
- Personal property, such as home furnishings, electronics, jewelry, collectibles, and vehicles; and
- Business assets, including ownership interests and company assets.
Once a couple has identified each of their assets (as well as their debts), they can begin the process of categorizing the property as either marital or separate. If deemed to be marital, meaning that it was purchased after the marriage, the asset will be subject to division upon divorce. If the property, on the other hand, was brought into the marriage by either party, then the assets won’t be divisible, but will remain in the sole ownership of the person who acquired them. After properly categorizing their property, couples can then obtain appraisals and valuations for each of the items on the list.
How a Property Division Checklist Could Help You
Creating a property division checklist can answer a variety of questions regarding property distribution during divorce, including:
- Which of a couple’s assets are subject to division;
- Whether all of the parties’ assets are marital;
- Whether the parties brought separate property into the marriage; and
- The value of the parties’ assets.
Besides providing a firmer understanding of which of a couple’s assets are subject to division, creating a property checklist can also ensure that no assets are mistakenly unaccounted for and that any property settlement is fair to both parties.
Call Today for Help with Your Divorce
The property division process often proves to be one of the most difficult aspects of divorce. Fortunately, there are steps that divorcing couples can take to help make the process go more smoothly, while also giving the parties peace of mind regarding their post-divorce financial futures. To learn more about the property division process in Florida, please contact the dedicated Largo divorce lawyers at Cairns Law. Call our office at 727-683-1472 to set up an appointment today.