A high-asset divorce can result in quite a bit of stress. Not only do you have to worry about the here and now, but you also need to think about the assets you can secure to ensure a better future.
As with any divorce, you shouldn’t expect to retain every asset. Anything that is considered marital property will be subject to division.
With the help of a property division checklist, you can better prepare for a high-asset divorce. Here are the four categories you can use, as well as some items that fit in each one:
- Personal property: Antiques, home furnishings, china, jewelry, collections, collectibles, electronics and motor vehicles
- Real property: Marital home, undeveloped land, commercial property, vacation home and rental property
- Financial assets: Bank accounts, cash, educational accounts, retirement accounts, profit-sharing, stocks and bonds, annuities and life insurance policy cash values
- Business assets: If you have an interest in any type of business, include all applicable assets in this category
Once you have a property division checklist in front of you, it’s easier to formulate a plan as to what you should do next.
As you work through the process, don’t get so caught up on one asset that you overlook the big picture. For example, it’s common to focus most of your attention on your marital home, all the while overlooking other assets that are every bit as important.
With the help of a property division checklist, you can more easily plan for the divorce process with the idea of protecting your legal rights and setting yourself up for a better future.