Asset division in divorce has the potential to be a sticking point. Even if you're both willing to work toward a compromise, you can expect to face challenges along the way.
Using a property division checklist can streamline the process and give you a better idea of what you need to negotiate during mediation. Here are four categories you can use to organize your checklist:
- Real estate: This typically includes the marital home, but can also cover vacation property, undeveloped land and business real estate.
- Personal property: The items you keep in your home fit within this category, with some of the most common including collectibles, electronics, rugs, antiques, furniture, clothing, home office equipment, jewelry and motor vehicles.
- Financial assets: Often the most valuable marital resources, these range from cash on hand to bank and retirement accounts.
- Business assets: If one or both individuals is a business owner, some assets associated with the company could potentially be subject to division in a Connecticut divorce.
One thing to consider is that your soon-to-be ex-spouse may attempt to hide assets from you and the court so they are not subject to division. For example, the contents of a safe could wind up redirected for one spouse's sole use and not divided accordingly.
Without a checklist guiding you, it's possible you could overlook something of importance as you move through the property division process.
If you have reason to believe your spouse is hiding assets, learn more about your legal rights and the steps you can take to protect them. You don't want to miss out on something of value to which you're entitled.