Planning for life after a divorce may leave you wondering about certain monetary issues. Since you and your ex-spouse may only have one place to live or one car, it can be tough to divide up everything perfectly in half.
Making an inventory sheet as you go through this process has many benefits for you both.
Commonly included items
According to the Texas Legal Services Center, both debts and assets are usually included in this list. You can write down a multitude of columns on your inventory sheet that apply to your estate. Including anything from mortgages and loans you both chose to the amount of cash in a shared bank account can help you as proceed through a divorce.
You may find it helpful to add life insurance policies or stocks, along with physical items like furniture and heirlooms. Talking about which assets are more important to each of you can help you both decide which ones you want to keep.
Importance of the list
One way to make sure you did not forget any important parts of your inventory is to have an attorney look over the list. Having a completed inventory that you both feel is fair can help you during a divorce when the court divides up your marital estate.
Although some items may be hard to price or value correctly, do your best to guess accurately. You should always be as accurate as you can to the best of your ability when pricing what an item is worth. Including everything relevant you can think of on an inventory sheet is the best way to divide up property and assets.