Perform Asset Inventory Before Divorce

On behalf of Kathryn Wayne-Spindler & Associates, PC posted in Property Division on Thursday, October 23, 2014.

Knowing where to begin during a divorce can be confusing in Michigan, especially when one feels discombobulated at the thought of leaving a marriage in the first place. However, taking the right steps from the start can help a person’s divorce process to move in a personally favorable direction as far as the division of assets and property is concerned. Some tips can help people to protect themselves financially when dissolving their marriage.

asset inventory of home with pictures of different rooms of houseFirst, it is wise to document all items in the family home. This includes taking video or pictures of all rooms in the home as well as pictures of the patio area and cars. This is critical because all items in the home must be accounted for when assets and property are being split during the divorce. It helps to possess physical documentation so that one’s ex can’t deny that something ever existed.

Copy Essential Documents

Second, it is important to create copies of essential documents. These include car titles, car registrations, tax returns, statements from credit card companies, a marriage license and birth certificates. It is also wise to develop copies of retirement profiles, trusts, and health/car insurance information, as a lot of this data must be provided in court.

It is furthermore important to record the day that one’s divorce request was submitted because this is the legal separation date. This means that some items going forward will no longer be considered community property that must be split between both spouses. Understanding the law may boost an individual’s chances of claiming his or her fair share of assets during a divorce in Michigan.

Source: The Huffington Post, “10 Things To Know About Divorce From Someone Going Through It Right Now“, Oct. 12, 2014

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