Even though the divorce process can be time-consuming and frustrating, getting organized upfront will allow you to prevent additional trouble down the road.
As you turn your attention to property division, you should make a list of all your assets. With this in hand, it’s much easier to understand what will come into play as the process pushes forward.
More specifically, you’ll need to answer this question: What type of personal property must you divide with your former spouse?
This varies from one divorce to the next, but some of the most common types of personal property include:
- Motor vehicles
- Coins and stamp collections
- Sports memorabilia
- Home office equipment
In the event of a high net worth divorce, there’s a good chance you’ll be dealing with all of these items among others.
Keep a close watch on what the other person is doing, as you don’t want him or her to hide anything from the court. This is why it’s important to create a checklist of personal property items as soon as you get a chance.
You never want to simply hope for the best when it comes to property division during divorce. This is an important part of leaving your marriage in the past, so make sure you put yourself in position for success.
Once you know what type of personal property you have, you can then make decisions regarding how to approach the process and where to compromise in order to keep things moving forward in a timely manner.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed March 05, 2018