The divorce process can be complex and confusing. For individuals going through a high asset divorce, property division can be one of the most complex aspects of the entire process. While every divorce represents some type of financial concern to the parties involved, a high asset divorce may represent a significantly greater concern.
Items acquired both before and during a marriage, including personal property, real property and business assets may be of substantial value. With this in mind, it is likely that divorcing couples will want to spend a great deal of time evaluating and separating marital property. To keep the task as manageable as possible, couples should consider using a marital property checklist. This useful tool may prove invaluable to individuals concerned with a fair and equitable property division.
In order to keep property division as organized as possible, divorcing couples may choose to work with a checklist. Typically a marital property checklist will contain four categories of property; real property, personal property, financial assets and the business assets. Within these four categories, there may be several subcategories that help divorcing couples keep track of their property.
It may be easy for divorcing couples to keep track of large items such as land, cars and the marital home. However, high net worth couples may have collections of smaller items that represent an even greater value than their larger, more obvious property. Home furnishings, the tableware, jewelry and artwork are all subcategories under personal property that may be extremely valuable but are often overlooked. Likewise, subcategories of financial assets such as trusts, stocks, mutual funds and educational accounts may also be extremely valuable but still overlooked.
Working with a marital property checklist can help keep divorcing couples on task and focused on a fair and equitable property division. For individuals concerned that they may be overlooking important and valuable assets, speaking to an attorney may help.