One of the most difficult times in life comes when you have to divide your assets during a divorce. It’s difficult enough going through this trying time, but sitting down to work out who gets what often leads to more bitterness. Make a spreadsheet in Excel to help you with property division.
Either way, you still have to figure out what you both own and how you will divide it up.
Every states except Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin have rules that apply to equitable distribution, which applies if a couple cannot come to a property settlement on their own. This only applies to property that was acquired during the marriage. There are exceptions, such as gifts.
Contrary to what people believe, it is not always a 50/50 split, although that is usually the case. Each divorce settlement must be decided on its own merits.
Don’t try to hide assets. Many lawyers hire private investigators to conduct an asset search if there is reason to believe that the other party is trying to pull a fast one.
It’s best if both parties can be amicable, but we know that this doesn’t always happen. Your lawyer will tell you keep meticulous records of everything pertaining to the divorce. Sit down and figure out your assets now. By using a PDF to Excel converter, you can get this depressing job done quicker. Gather all relevant papers and convert them to your spreadsheet.
Dividing years of memories and things you have purchased together during the time you thought it was going to work can be devastating. You need to get the job done without too much pain, but you have to be accurate and all-inclusive if you want to avoid a dispute.
Don’t forget to include the following:
Bank accounts and investments
- Real Estate
- Vehicles, including recreational vehicles such as boats, snowmobiles, ATVs, motorcycles, etc.
- Anything of financial value
Don’t forget the other side of the spreadsheet – all of your joint debts.
There are ways to make the divorce process go as smoothly as possible. Mediation is often the first step towards coming to an agreement.
Custody issues are one of the hot buttons, but what about custody of nonhumans? Some people fight over the dog. Is a dog an asset or a family member? That depends. If you breed expensive show dogs, they would also be considered an asset.
If you both prepare a spreadsheet of what you believe is your common property, you can compare and perhaps come to a resolution without any bloodshed.