A property division checklist can provide guidance

When dividing marital property, it's only natural to have a variety of questions. While some of these are easy to answer, others are sure to throw you for a curve.

In a general sense, the only thing that matters is that you feel good about the property you're receiving as a result of your divorce. While this is easier said than done, there are steps you can take to get on the right track.

A property division checklist is a must, as this gives you a clear idea of what will come into play during the divorce process.

Make sure you include everything on your checklist, as you don't want to keep anything hidden from the court. Doing this will also help you pinpoint if your spouse is trying to hide something.

There are many assets to include in a property division checklist, with each one fitting into one of four categories. Here is a breakdown of each category, as well as some examples of assets that belong to them:

  • Real property: marital home, vacation home, undeveloped land and rental property.
  • Personal property: home furnishings, china, collectibles, antiques, stamps, guns, computers, home office equipment, furs, jewelry, clothing, motor vehicles, campers and boats.
  • Financial assets: checking accounts, savings accounts, retirement accounts, cash on hand, mutual funds, stocks, bonds, annuities and life insurance policy cash values.
  • Business assets: professional practice, sole proprietorship and partnerships.

As you focus on the division of property, there is one other thing you need to know: You may also have to divide debt and other liabilities before your divorce is finalized. You should make a list of these things.

Dividing marital property can be complex and full of twists and turns. It's easy to get so caught up in the most valuable items, such as real estate and cars, that you overlook others.

By creating a checklist, you don't have to concern yourself with overlooking what's most important or making the wrong decisions. You'll find it much easier to remain on the right track from start to finish.

A property division checklist can be your best friend during the divorce process. When you combine this with knowledge of your legal rights in Florida and knowledge of the steps you need to take, it's much easier to feel confident about the direction you are heading.

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