Divorce is not at all expected from any marital relationship. But if the situation gets too severe to stay together, it is better to get separated. Before the divorce is final, it is wise to make a divorce settlement checklist for both of your upcoming future marital assets and liabilities. In the next section of the article, you will learn the details about it.
Important Divorce Settlement Checklist
There are some specific criteria based on what you can make your divorce settlement checklist for marital assets and liabilities. Important criteria for the checklist preparation are as follows:
Vehicles
The vehicle list involves all the necessary details about all vehicle types you and your partner have used. For example, vehicles for farming and other plantation processes, cars for driving purposes, and other automobiles for various reasons.
When you are making a divorce settlement checklist, there must be the following information about the vehicles:
- Purchasing date
- Warranty and guarantee
- Which model these are
- Buying price
- Current market value
- The production process and information
- License details
Furniture and Other Properties
Furniture as well as the small appliances of your house, possess the same demands to be included in your divorce settlement checklist as all other properties. Such as:
- Price of each selected things
- Buying or selling receipt
- The present value of those things in the market
- Is it a bought product or gift?
- Garage value(if some things are kept in the garage)
Financial Accounts
Financial assets and liabilities in a marital relationship contain all the funds, bank accounts, and other economic areas from both sides of the husband and the wife. So, in the time of getting divorced, this information should be included in the settlement checklist.
- How many bank accounts are there?
- In which banks
- Bank account numbers
- Account details
- Account opening date
- Account-holders’ name
- The current balance in the accounts
- Nominee details
- What types of accounts are they?
Real Estate
If you and your partner together buy or own any real estate properties, have them to be involved with all the niceties given below:
- Buying date of each real estate property
- Buying price
- What was the down payment amount?
- Source of this down payment amount
- The current market value of the property
- Mortgage amounts (if applicable)
- Insurance regarding the real estate property
- Taxes on the property
- The monthly payment for loans(if there is any loan taken for purchasing the property)
Pension Funds
Pension is a large amount that a working person gets when he or she gets retired. If any one or both the husband and wife are working persons, they both will have their pension funds and other retirement plans. For that reason, the spouse will need this information:
- What is the name of the retirement plan?
- Already contributed amounts in the plan
- Other co-contributions for the plan(if any)
- Current amounts vested in the plan
- Monthly payments drawable from the plan now
- The drawable lump sum amount from the plan
- Years and times until it gets vested
- Date from when monthly payments will be collectible
Necessary Certificates and Documents
The divorce settlement checklist must contain necessary certificates and documents of the deposits from both sides. Such as,
- The face amount of the deposits
- Interest rates and amounts
- D. Location
- The date of maturity
Separate Properties
Corresponding to the real estate property, you and your partner might buy some other separate properties with a joint contribution. Or you might have got it as a gift from your marriage or something else. While making a divorce, you must include detailed information about those properties. For example,
- A detailed description of the property
- How it is inherited
- When it is inherited
- How much money you paid for the property
- Amounts you paid during your marriage period
- Present market value
- Owed amounts
Social Security Issues
Social security issues include your receiving payments or other things from your past marriage while being attached to a new marriage. If you did not get into any marriage earlier, social security issues then also enlist other important information while making a settlement checklist:
- Monthly payments you have received from your past marriage
- For how long you would get it if you did not remarry
- If you get divorced from your new marriage, is there any possibility to get the payment back like before or not?
Creditors
All the information about the creditors involve:
- What is the name of the creditor?
- Owed amounts to the creditor
- Monthly payable amounts
- Whether you or your partner have incurred the debt
Educational Fields
Being in a marital relationship, you might have helped financially for your partner’s education life, and the same thing might have happened to you by your partner. If so, then it is very much mandatory to include all those details in the settlement checklist when you are getting divorced:
- Date when you or your partner started your education
- Which level of education you received
- Income rate of both of you while pursuing the education
- Income sources
- Any other income details (if any)
Business Factors
Business factors involve the business you and your partner started after your marriage, which may be in joint contribution. The information includes:
- Date from when you started the business
- Date of your marriage
- What type of business is it?
- If it is a public business, the name of the shareholders
- Amount of shares
- Employee details
- How many shares are there in your name?
- How many shares are there in your partner’s name?
- Location of the business
- Tax details
- Profit and loss details
- Net income
Entertainment Tools
It involves:
- All the tools, equipment for sports, arts, antiques, supplies for entertainment purposes that you or your partner bought or got as gifts for your marital life.
- The present market value of those things
- Purchasing price
- Money receipt(if possible)
Stocks, Mutual Funds, and Bonds
During your marital relationship, you and your partner might own several stocks, bonds, and mutual funds. So, the settlement checklist requires that information as well:
- Names of all the stocks, bonds, and mutual funds
- Purchasing price
- Purchasing date
- Numbers of funds
- Face value
- Current market value
- Present total amount
- Maturity date
Insurances
Insurances possess equal importance to be included in the divorce settlement checklist. For example,
- What is the name of the insurance company?
- Number of the policy
- Cash value
- Face value
- Who insured the insurance?(you or your partner?
- Loan details are taken against the policy(if any)
- Date of the loan taking
- Why was the loan taken?
- Amount of the loan
Conclusion
Finally, now you have the overall divorce settlement checklist for marital assets and liabilities at your hand. If you and your partner are planning to get divorced, have a thought to make this settlement checklist. It will ensure a healthy division of all the properties that you both own.
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