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What are the primary categories of a property division checklist?

Going through a divorce will complicate your life in many ways. While there's a lot to think about, matters of property division deserve a good amount of your attention.

One of the best ways to get organized and stay organized is through the creation of a property division checklist. This will help you define the assets that are subject to division, as well as those that you solely own.

Your property division checklist can be broken down into four categories:

  • Real property: This includes all forms of real estate, such as your family home and vacation property.
  • Personal property: This includes items such as collectibles, jewelry, clothing, furniture, electronics, boats and motor vehicles.
  • Financial assets: This includes retirement accounts, bank accounts, pensions, stocks and bonds, mutual funds, certificates of deposit, annuities, trusts and life insurance policy cash values.
  • Business assets: If you and/or your spouse own a business, assets such as commercial real estate, company bank accounts and office equipment should be included in your checklist.

Keep in mind that no two couples are dealing with identical circumstances. For example, you may have most your money tied up in real estate, while another divorcing couple has more money in the bank and retirement accounts.

Don't attempt to tackle the divorce process without a property division checklist. Doing so can lead to mismanagement of property, as well as overlooking assets that you have a right to.

When you combine a property division checklist with knowledge of your legal rights, you'll feel good about your ability to obtain the assets that are owed to you.

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