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Inventory assets early on in the divorce process

One of the primary focal points at the end of a marriage is the division of marital assets. In fact, except for issues of child custody, property division is the center of most divorce cases. One of the most important ways to achieve a successful division of property is to begin with a firm understanding of the full range of family assets. Taking inventory of those assets should be a step that is completed early in the divorce process.

Florida spouses should begin by making a comprehensive list of all of the holdings within the family. Be sure to include those assets that may be considered separate property as well as those that seem to fall under the umbrella of marital property. There are cases in which the distinction is not as clear as it may seem, and the divorce attorney who is handling the case will want to see an accounting of all assets in order to determine which should be deemed separate and which are marital property. This includes all accounts, retirement savings, investments, real estate and other property holdings, as well as items of significant value.

When it comes to items of personal property, many spouses overlook the importance of documenting what they own. In the best outcomes, spouses can work together to determine which items of personal property should remain with which party after the marriage come to an end. Not every couple, however, will experience this best case scenario; the only way to ensure a fair division of personal property is to document the full range of what is owned. Some spouses choose to do this by taking time-stamped digital photos of each item owned, while others will make a video of all of the items in a home, in storage, or in other locations. That way, if something goes missing, it's easy to prove to a court of law that it was present during the initial stages of the divorce.

Dividing assets between Florida spouses can be tricky. However, without a comprehensive list of all of the assets held within the marriage, the task becomes nearly impossible. In the earliest stages of divorce, it is imperative for spouses to take the time and make the effort to create a full list of all assets, and to present that list to their respective divorce attorneys so that the property division process can begin.

Source: marketwatch.com, "6 critical steps to prepare your finances for divorce", Shawn Leamon, July 15, 2016

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The Law Office of Gustavo E. Frances, P.A.
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Fort Lauderdale, FL 33301-3424

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