Creating a Marital Property Checklist

 Posted on March 14,2019 in Complex Property Litigation

For couples who are going through a high asset divorce and who also own unique or particularly valuable assets, property division negotiations can be one of the most complex parts of the entire divorce process. Whether an asset falls under the category of a personal possession, a business asset, real property, or another type of asset, its purchase date will have an extremely important impact on how it is divided upon divorce. For this reason, most couples who are going through a high asset divorce are strongly encouraged to carefully evaluate and separate marital property from assets that were accrued prior to marriage.

To ensure that this task is manageable for both parties, couples in this position may want to consider creating a marital property checklist, a tool that often proves invaluable to divorcing parties who are concerned about coming up with a fair and equitable property division settlement. Unfortunately, creating this type of list can be difficult, so if you and your spouse have decided to file for divorce, it is important to contact an experienced high asset divorce attorney who can help protect your interests.

What to Include on a Marital Property Checklist

In an effort to keep the property division process as organized as possible, many divorcing couples choose to create a list of all the marital property that must be divided. Most marital property checklists contain at least four categories of assets, including:

• Real property;
• Personal property;
• Financial assets; and
• Business assets.

It’s important to note that there are usually a number of subcategories that fall within these broad groupings. For instance, the category of personal property often contains subcategories, such as home furnishings, artwork, and jewelry. Financial asset subcategories, on the other hand, could include everything from educational accounts and mutual funds to stocks and trusts.

The Benefits of Creating a Marital Property Checklist

Making these types of lists that contain both large assets, such as real estate and vehicles, and smaller items like jewelry, ensures that couples do not lose track of valuable, but less obvious assets during the property division process. This is an important function because in many cases, the collections of smaller items owned by a divorcing couple could have an even greater value than assets that are physically larger.

Working with a marital property checklist can help divorcing couples stay focused on the property division process and can also give the parties the peace of mind that comes with knowing that no important or valuable assets will be overlooked. Finally, ensuring that all of a couple’s assets are carefully and correctly categorized makes it much more likely that the parties in question will be able to reach a fair and equitable settlement.

Schedule an Initial Consultation with a Dedicated Round Rock High Asset Divorce Attorney

To speak with one of the experienced Round Rock high asset divorce lawyers at Powers Kerr & Rashidi, PLLC about your case, please call 512-610-6199 today. We are eager to assist you immediately.

Sources:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#281e282b1195

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm