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A property division checklist will ease your mind

There is a lot to worry about when moving through the divorce process, as you realize that your life is changing in many ways. For example, matters of property division will always be at the front of your mind. You know that the right approach could be the difference between receiving what you deserve and missing out in more ways than one.

A property division checklist can ease your mind, as it will give you the organization you need to complete the process of splitting your assets, liabilities and resources. Here are the four most important categories of any checklist:

  • Personal property. These are the many items you keep in your home, including: motor vehicles, artwork, china, electronics, home furnishings, clothes, and antiques and collectibles.
  • Real property. This typically includes your marital home, vacation and rental properties and any undeveloped land.
  • Financial assets. This is the category that often draws the most attention, as it includes: cash, bank accounts, retirement accounts, pensions, stocks, bonds, mutual funds, certificates of deposit and trusts.
  • Business assets. If you or your ex-spouse own part of a business, these assets could come into play during a divorce.

Although a property division checklist does not guarantee any disposition of your assets, having one can put you in position to make more confident decisions.

You will have to compromise as you discuss matters of property division, but the use of a checklist will give you something a guideline as negotiations continue. Combining this with knowledge of your legal rights in the state of Illinois can empower you throughout this difficult process.

Source: FindLaw, "Checklist: Dividing Marital Property," accessed May 21, 2018

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