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Getting Your Fair Share
Financial concerns rank second only to child custody (and support) in emotional volatility. And figuring out a fair division of property is a major concern. Whether you feel guilty over leaving the marriage or experience rage at being left, emotion should be kept out of the property settlement as much as possible.
One of the first things your attorney will ask you to do is to make a detailed list of all your physical assets. Generally this should include property valued at over $100 whether it's the husband's, wife's, or joint property. This chore may seem overwhelming at first, but it will be less stressful is you just take one room at a time. Don't worry about getting it all done at once!
Itemizing Marital Property
Jot down the items and their estimated value and mark each with H (husband's), W (wife's) or M (marital) to indicate ownership. Generally speaking, if the property was owned by one partner before the marriage, was a gift, or was received as part of an inheritance, it remains that person's unless the item in question was put into both names during the marriage.
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Real estate
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Motor vehicles
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Bank accounts
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Household goods: living room, dining room, master bedroom, other bedroom(s) office, bathrooms, kitchen, family room, garage, basement, storage facilities, other.
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Personal property
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Cash on hand
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Securities
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Life insurance
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Retirement, pension, and/or profit plans
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Any interest in a trust account
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Interest in any contracts signed but not yet fulfilled.
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Interest in pending litigation or in suits yet to be filed.
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Interest in farm equipment, animals, or crops.
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Any debt owed by either spouse to others, such as a college loan, signature loan, etc. Show name and address of the debtor, date of loan and due date, and security for the loan.
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Future interests, such as future retainers or inheritances.
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Partnership interests
Always remember: The division of property is a business transaction, and since it will affect your financial well-being for a very long time, if not for the rest of your life, you should strive to claim your fair share.
For more information on the financial aspects of divorce, read Your Pocket Divorce Guide by Linda C. Senn.
~ April 2000
Related Articles
Practical Preparations Before You File For Divorce
Divorce, What Personal Possessions To Take When You Leave
Getting Along with Your Ex After the Divorce
Other Resources
Book: Your Pocket Divorce Guide by Linda C. Senn.
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