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What is an Inventory in a Divorce Case?

Divorce Letters
Source: Canva

It appears like your marriage is heading to an end. You take a glance around, and then you realize that you have no idea how to go about determining who gets what. Who will be the owner of the car? Do you owe money on your credit cards? How do you divide up the accumulated possessions of a marriage that has lasted for years?

The division of property is a crucial aspect of the divorce process in many ways. Couples going through a divorce are best served by creating their asset and debt inventories and agreeing on how their property should be distributed.

Nonetheless, suppose a divorced couple is unable to reach an agreement on how their property will be divided. In that case, the courts will eventually require the couple to accept a settlement that is at their own expense. It is for this reason that you should become familiar with the divorce laws of your state. You will still have to be prepared to make knowledgeable financial decisions as to what is in your best interests, even if you are doing so in the context of the law.

Property division entails making financial decisions that are strategic in nature. It is critical that you take your time to thoroughly grasp everything and every asset and liability since property division is a one-time event in a divorce proceeding. Once the Court signs a Divorce Decree, which distributes property equally between the parties, the decision is final.

What would you need to know about the property division process? What documents do you require? If you know what you should be asking for and what you will be receiving from a settlement, you will have the opportunity to prepare for the financial goals for the future. It is possible to pick and choose which assets and liabilities to keep and which to give up, to request cash instead of an existing asset, to pay off the debts prior to the divorce is finalized, or to defer the sale of an asset till such time as a later date, with the assistance of an experienced divorce financial planner and attorney.

A divorce financial planner is educated in the information that pertains to your state's divorce legislation as well as financial planning techniques and strategies. A divorce financial planner works with you and your lawyer to help you make sound financial decisions based on detailed analysis and long-term projections during your divorce.

In the end, a divorce will always have a financial implication; taking a thorough inventory is a vital first step in ensuring that all of your bases are covered.

A legal firm like Thornton Esquire Law Group has a team of professionals who can assist you with the reporting of assets and liabilities. While it is preferable to complete as much of your homework as possible on your own, their paralegals could assist you in moving through the process as quickly as possible.

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