EP 72: Know What You Own at Home

Episode 72 of the Divorce and Your Money Show discusses how to split your possessions during a divorce.

The first step is getting organized. Among other things, you need to be aware of the valuable possessions you have at home. They can be split during the divorce proceedings.

 

When it comes to the assets in your house, you need to think about which ones are worth fighting for. When figuring out which assets to keep and which ones to split, you need to look at the bigger picture. In order to make this list, you need three items:

• Notepad
• Pen
• Camera

When you are evaluating assets, you need to consider three key things:

• What is nature of the asset?
• When was the item purchased?
• How much is it worth?

You will need to take photos of everything. It will help you keep a record, in case they disappear during the divorce process. When you enter a room, here are the first five types of things that you should note:

• Jewelry
• Antiques & Collectables
• Expensive furniture
• Electronics
• Appliances

These things can potentially have a lot of value. Walk around your home, from room to room (even bathrooms). You never know what you might stumble upon. One room at a time, note the items and take pictures of them.

This exercise is important. It determines which assets are marital, which ones are individual property, and which ones to divide. Remember to check your garage and storage units. If you have valuable sports equipment, write that down too.

The ultimate purpose of this exercise is to create an inventory of everything that you have. Then you can present it to your attorney. You could enlist the items that are valuable or hold sentimental value for you, as well as the things that hold value for your spouse.

The more you gather in advance, the better off you will be in the end. It can take time to collect this information, but it will make your divorce process much more organized and efficient.

Key Learning Points:

 

• The first step toward divorce is getting organized. You need to be especially aware of valuable possessions.
• To make this list, you will need a notepad, pen, and camera.
• For every asset, you need to note its nature, date of acquisition, and worth.
• Keeping a record of these items will help you if they disappear during the divorce process.
• When you enter a room, you should look for:

1. Jewelry
2. Antiques & Collectables
3. Expensive furniture
4. Electronics
5. Appliances

• The more you gather in advance, the better off you will be in the end.

Conclusion

Thank you for listening to the Divorce and Your Money Show. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also the author of Divorce and Your Money: The No-Nonsense Guide. One-on-one divorce-coaching services are available at www.divorceandyourmoney.com.

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