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Eighth in the Top Ten Things To Know When Contemplating Divorce

8. List Assets & Liabilities:

A major part of the case will be the “equitable distribution” of marital property. There are three main steps in the process of distributing marital property in a divorce case: (1) identify; (2) value; and (3) distribute the parties’ assets and liabilities. This process, therefore, starts with identifying all assets and liabilities. Consider using an Excel chart or similar program to list your assets and liabilities, how they are titled, their values and any exempt portions (i.e., amounts that are pre-marital, gifted to just you, or inherited by you). Make sure to include the following assets:

a. Real estate;
b. Bank and brokerage accounts;
c. Vehicles;
d. Personal property;
e. Retirement accounts;
f. Businesses;
g. Custodial accounts;
h. Other assets;
i. Mortgages;
j. Home equity loans;
k. Credit cards;
l. Tax liabilities;
m. Other debts;
n. Sole proprietorships;
o. Tax losses;
p. Stock options;
q. Term life cash value insurance on a terminally ill person;
r. Deferred compensation (Phantom Stock Awards, Top-Hat Plans, etc.);
s. Frequent flyer Miles.

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