How to Separate Properties in a Divorce?
The compilation of a list of your assets and debts is essential to the property division procedure in preparation for your divorce mediation in OKC. You must keep a complete range of finances, which you own and manage autonomously, in your marriage.
Why Is Agreement Important?
When done correctly, you can have a reasonable divorce settlement better negotiated that protects you now and in the future. If done incorrectly, your divorce can result in a defective division of property and debts, leaving you to resolve the confusion and potential further legal proceedings following your divorce. Furthermore, you can face severe implications, including a possible disregard of court charges, if you deliberately falsify or reject economic data.
So, you will understand how to properly list your property and debts when it comes to filing a divorce or when you are at the start of the divorce process.
All properties, accounts, firms, investments or other items of related value are defined as your assets. Before the property division method starts, it is essential to document all assets.
It can be hard to sort all of your assets, particularly if you and your wife have accumulated many things over time together or if you have more complicated assets such as stocks or corporate interests.
First, begin by checking all the significant economic records and adding all the main files to the directory:
Bank accounts of personal persons, shared accounts, pension accounts and loan cards.
The property, including marriage home, holiday homes, properties for revenue, land, etc.
Cars and leisure cars and every single trailer, boat, motorbike and so forth.
If you own a company, document any company characteristics or accounts.
Investment, including life insurance accounts, pension funds, annuities and stocks, intellectual property and bonds, etc.
You will probably have to consult an auditor to determine the importance of your company (talk to your lawyer).
Another key step is to determine the value of the property. In general, courts will accept every item's fair market value (FMV), which is what you can receive for the item if you today sell it openly and not what you paid for it.
Remember Your Debt
Marital debt in a divorce shall not be excluded. You likely have to separate that between you two during your divorce, when you purchased joint debt during your marriage, such as a mortgage, vehicle payment or tax debt. You may be exclusively liable for the sum due if you owned a credit card in your name, and never used it for marital reasons such as grocery stores.
Our lawyers in OKC for divorce mediation would help you correcting property list during a divorce process.
** Disclaimer: This blog content is no substitute for legal advice and in no way implies a lawyer-client relationship.