Your Property In A Divorce.
Ok I will be splitting this information up into 2 separate blogs, one today, and then the other tomorrow, there is a lot of how to keep, prepare, and get ready for a divorce on how to keep your property or split it up, I have done some property division blogs, but this is the information you need to have, especially if there is something YOU want in the divorce and you feel it is yours, so there is certain information you need to have for your lawyer, so lets dig a little deeper in, to property division in a divorce, below is from a recap on past blogs the 2 separate ways on how they divide property in a divorce.
1. There is Community Property Division in a divorce.
2. There is Equitable Distribution in a divorce.
So 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, to give to your lawyer to show your property?
1. Well you will need to take a property inventory, make an entire list for your divorce lawyer. 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, and you need to tell your divorce lawyer what is most important to you getting in the divorce. If you do not get a complete list of what you have, or what you want in the divorce, then most likely after the divorce is settled, you will be back in court fighting for something that either yours or at least half yours. Most lawyers do have a checklist of what you will need to get together, and I have discussed that in other blogs, they do know people are under a lot of stress in a divorce, so your divorce lawyer may have you get certain things on your list such as.
1. Any IRA’S
2. Do you have any pension and retirement accounts, you will need write that down.
3. Do you have any stocks and bonds, if so make sure?
4. Items that are in your safety deposit box, that maybe you and your spouse would fuss over.
5. Deposit Certificates
6. Money Market Accounts
Remember this is just a partial list, there is so much more you will need to gather, make sure to ask your divorce lawyer, put that on your check list
2. You will need to value all of your assets. It maybe important during the time of your divorce, even if you and your spouse are getting a long, bring in an appraiser either way. Many divorce couples fight and make a mistake on personal property, who will own it, how it is divided up, 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, sometimes property will be sold in the divorce, because nobody can agree, then the money is split.
4. Then the property settlement agreements in your divorce. If you can not agree with your spouse on the property, the lawyers will write up a split. 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, remember how many times I have said its so important to READ OVER YOUR DIVORCE PAPERS. You don’t want to end back up in court again.
5. Then make certain you follow through with 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 you should have your lawyer go over it.
1. You need to make sure your name is released from any property you are NOT receiving in the divorce.
2. Then it is important to refinance property, especially 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 that your ex's signature is signed off everything that becomes yours in the divorce.
Tomorrow we will continue with more on your property and how to prepare!