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Jun 23, 2023 · Here are the general steps to help you evaluate your items: Gather documentation: Collect all documents related to your assets, such as deeds, titles, account statements, appraisals, and receipts. Identify property types: Our spreadsheet makes it easy to label each item as marital property or separate property.
A PDF form to help you and your spouse identify, list and structure major divisions of marital property prior to finalizing your divorce. You can enter the value, division and description of real estate, vehicles, financial assets, retirement accounts, debts and spousal support.
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Jul 9, 2024 · Divorce worksheets play a vital role in listing, valuing, and dividing assets and debts during divorce proceedings. These worksheets assist in the fair distribution of marital and separate property, considering tax consequences to ensure a comprehensive approach to division.
- Overview
- Preparing to Divide Your Assets
- Dividing the Tangible Property
- Dividing Real Estate
- Distributing Retirement Accounts
Once you and your spouse make the decision to divorce, you need to start thinking about how to divide the property you accumulated during your marriage. It can be as simple as personal items and household goods, or as complicated as real estate, investments, and retirement accounts. You and your spouse have a choice. You can create a fair and amica...
Understand the concept of equitable distribution.
Most states follow the law of equitable distribution. This doesn't mean split down the middle. It means fair, based on factors including the earning power of each spouse, contributions during the marriage, age and health, and future financial needs of each person.
If you create a property agreement with these requirements in mind, you are increasing the chances that the judge will accept it without amendment.
In California, Texas, Arizona, Idaho, Louisiana, New Mexico, Nevada, Wisconsin and Washington, the standard is community property. In these states, there is an assumption that there will be an even split of all property owned or held in the name of both spouses. The court will still look at fundamental fairness, but the presumption is that there will be a 50/50 split of the assets.
Consider what is separate property and what is marital property.
Marital property, often called community property, are assets that were acquired during the course of the marriage. Whether it is tangible items such as furniture or intangibles such as investments or retirement accounts, all marital property is subject to equitable distribution or division as community property.
Start with the easy pieces such as clothing and personal accessories. There should be no argument about these items. If you disagree at this juncture, you may need the help of a lawyer or mediator to continue.
Mediators typically have cheaper rates than legal counsel.
Apportion out the household goods.
This category can be divided evenly, as in each side takes a certain number of place settings of china, or traded off. For example, one party may want the small appliances in the kitchen and the other wants sporting equipment. The key is to be reasonable and weigh the monetary value of the items versus the stress of a disagreement.
Separate the furniture and decor.
The marital residence may include a mixture of separate and jointly acquired pieces. Even if both parties used an item, equity says that heirlooms should revert to the original owner as separate property.
Decide if real estate will be sold or divided.
If both parties agree to a sale of jointly owned property, you should contact a real estate agent as soon as possible and begin the process of appraisals, valuation, and staging it for sale.
Consider if a transfer of equity is the best option.
In an equity transfer, one spouse keeps possession of the property, refinances the mortgage,
and takes over full ownership. If you are planning on an equity buy-out, the other party can take a cash payment or a bigger share of another asset in exchange for their equity.
Determine how to equitably handle separate real estate.
There may be both employer-based and private funds. Retirement accounts include 401K plans, IRAs, Roth IRAs, pensions, and trusts that mature at retirement age, typically age 65 years. You will need statements for each account for both parties that are current as of the mutually agreed-to valuation date.
If your retirement plans are simple, for example, each party has a plan from their employer, you can agree that each will retain their own plan without distribution to the other. If there is a significant disparity in balances, other assets can be ceded to make up the difference.
Determine which law covers each type of plan.
If you have a variety of retirement plans, you will need to know which federal law pertains to the distribution. Failure to correctly categorize your retirement assets could lead to not only complications in the divorce, but also tax consequences. Seek the assistance of a lawyer or accountant if you are unsure how to handle different accounts.
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Jul 20, 2023 · Worksheet: Division of Property. When couples separate, they must divide their property. Division of marital assets is the most painful part of divorce after child custody and child support. Family law courts look at several factors when dividing property, including the length of the marriage or partnership, the nature of the property, and ...
A worksheet for individuals contemplating a divorce to complete prior to their initial meeting with their attorney. It covers information about the marriage, children, assets, debts, income, expenses and support.
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Jul 20, 2024 · Here's how the Asset and Debt Worksheet can help in the divorce planning process: Categorization: The worksheet helps in categorizing assets such as real estate, vehicles, investments, retirement accounts, and personal belongings, along with liabilities like mortgages, loans, and credit card balances.
