In the event of a divorce, you'll have many things to think about. If you don't devote the necessary time and attention to each detail, you could overlook something of vital importance.
There are many things to think about when dividing marital property. In an overall sense, you want to feel comfortable with the way things work out, despite the fact that you'll likely have to compromise at some point.
It doesn't matter if you are working with the other person in mediation or facing him or her in court, you need to learn as much as possible about property division.
Here are some of the many types of property to focus on:
- Marital home
- Second homes
- Rental property
- Home furnishings
- Home office equipment
- Stamp collections
- Sports memorabilia
- Motor vehicles
- Recreational vehicles
- Retirement accounts, including pensions
- Cash on hand
- Savings and checking accounts
- Educational accounts
- Mutual funds
- Life insurance policies
As the divorce process pushes forward, don't hesitate to make a long list of the many assets that will come into play. Even if you don't get to keep all of these, you know that they will come to light at some point.
Dividing marital property is never easy, as both individuals want to get as much as possible. Furthermore, some assets, such as the family home and cars, can lead to even more tension between you and your soon to be ex-spouse.
You need to go into the process knowing the ins and outs of property division, including what the process will entail. When you know your legal rights and are willing to do whatever it takes to feel comfortable with the end result, things have a way of working out.