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Follow Up On Division Of Property In A Divorce.

Yesterday we discussed the laws of property division in a divorce, there are two separate ways. 
  1. Community Property Division in a divorce.
  2. Equitable Distribution in a divorce.
 See Property Division Blog in a divorce for information on both those terms. Today the discussion is your property in a divorce, there are many things you need to look over and talk to your divorce lawyer about.  So what is it you need to do before your divorce?1.       Take a property inventory.  You will need to give information to your lawyer about what you have, so they can get an idea of what will be yours in the divorce.  If you do not get a complete list of what you have, then more then likely after the divorce is settled, you will be back in court fighting for something that was half yours also.  Most lawyers do have a checklist of what you will need to get together, they realize that a person in a divorce is under a lot of stress, and a list will help, and here are a few things that your lawyer may ask you to get a list of.1.       IRA’S2.       If you have any pension and retirement accounts.3.       Do you have any stocks and bonds?4.       Items that are in your safety deposit box.5.       Deposit Certificates6.       Money Market AccountsThis is just a partial list, you will need to access everything you had before the divorce and things you gathered together in your marriage.  This helps you and your divorce lawyer to get it right the first time. 2.       You will need to value assets.  It maybe important during the time of your divorce, especially if you and your spouse can not agree on the value of property you are discussing to get some one out to appraise the item or items that will be divided up during the divorce.  Many divorce couples fight and make a mistake on personal property, who will own it, how it is divided up, sometimes the sale of property in a divorce seems to be the only option, if nobody can agree on it. 3.       There are tax considerations you will need to consult about with a tax lawyer, not your divorce lawyer, especially if there are tax consequences from transferring, selling or holding property as part of the divorce. 4.       The property settlement agreements in your divorce.  If you both in the divorce can agree on the settlement agreement they your divorce lawyer will writhe up a separation agreement or property settlement agreement.  So in this list you will find who gets what and all that will be included in the agreement.  It is important and your divorce lawyer should go over it with you, read it carefully.  You don’t want to end back up in court again, with more expenses to change something. 5.       Make sure you follow through your divorce. There are certain things you need to do and look for.  Here is a list that may help during your divorce and again your lawyer going through it with you is important.                                                                                              1.       Make sure your name is released from any property you are not receiving in the divorce and your ex spouse is.2.       It is important to refinance property, if that is part of the agreement.3.       You will need to set up payments on your end if there is anything you will need to pay in the property division.4.       Make sure to get your ex’s signature on anything being transferred to you in the divorce, such as deeds, stocks, bank accounts etc… I hope this blog gives you a clearer mind on how to prepare for your divorce and division of property.

 

Posted: Dec 05 2007, 08:02 AM by Divorce | with no comments
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