You’ll take a variety of steps as you prepare for divorce. This should include the creation of an asset and debt division checklist.
With this guiding you, you’ll have a clear idea of your current financial circumstances, the way divorce will impact your finances and how to best prepare for your life in the future.
Here are some of the many questions your asset and debt division checklist should answer:
- What assets do you jointly own with your spouse?
- What assets do you own individually?
- What types of debts do you share with your spouse?
- Have you assigned a value to the assets that you own with your spouse?
- Have you tallied up all of your joint debt?
By answering these questions, you’ll clear the air and allow yourself to better prepare for the divorce process.
For example, you may own your home with your spouse. In this case, you’ll have to decide what to do with it. Maybe you want to stay in the home and your soon to be ex is okay with that. Or maybe neither of you wants to stay, allowing you to sell it and split the proceeds.
Just the same, joint debt requires your full attention, as you’ll find yourself taking on your fair share as a result of your divorce.
The better prepared you are for the divorce process, the easier it is to deal with every situation that comes to light. With the help of an asset and debt division checklist, you’ll have the guidance you need to prepare accordingly and protect your legal rights.