As you move forward with divorce, there are many details that can cause stress and frustration.
While child custody matters always move to the forefront, you don’t want to overlook the importance of the division of assets (and debts).
Many people get caught up during this time, as they don’t know exactly what they are doing. Fortunately, there are two basic steps you can take.
First and foremost, make a list of all your assets. Along with this, include the assets that are “separate” and those that are “marital.”
From there, you need to have your assets appraised. This is not necessary across the board, as some assets are easy to value. For example, it’s easy to understand the value of the cash in your bank and retirement accounts.
However, some assets, such as an art collection, could be more difficult to assign a value. This is why you should move to have the items professionally appraised as soon as possible.
Once you take these two steps, you’ll feel much better about where things stand and what the future will bring. This doesn’t mean your soon-to-be ex-spouse will agree with your assessment, but at the very least you’ve taken a step in putting yourself in a better place.
Since there are so many important details that can be overlooked, don’t waste any time getting everything in order.
Property division can be a sticking point, so you want to focus on this as early in the process as possible. When you do with professional help on your side, you can feel confident in your position moving forward.
Source: AOL, “Heading for a Divorce? Tally and Appraise Your Assets,” Matthew Scott, accessed March 31, 2017