Going through a divorce isn’t easy. It’s a time filled with a lot of emotions and important decisions. One of the most crucial parts of this process is figuring out who gets what – or in other words, dividing property. How your shared items get split up will make a big difference in your life going forward.

You might immediately think of the biggest and most valuable things you own, like your savings in the bank, cars, the house where your family lives, and the money you’ve been carefully putting away for retirement. These are all very important and should definitely be considered carefully during a divorce.

But, remember, the stuff you own isn’t just limited to these big-ticket items. There are many other things that you own which might not seem as important at first glance, but they are. Often, these lesser-known assets are overlooked during divorce, but they can add up to a significant value. Let’s look at three categories of items that you should remember to consider:

1. Personal items: Think about the valuable items you have around your home. These could be high-tech electronics like that latest laptop or gaming console, cherished collections like stamps or baseball cards, essential furniture pieces, firearms if you own them, and antiques with their own unique charm. All of these can be valuable and should be considered when dividing property.
2. Business assets: If you own a business, its assets also count. You might think your spouse isn’t entitled to a share of your business, but that’s not always the case. Assets here could range from business bank accounts to important equipment or machinery.
3. Life insurance: If you’ve been prudent and got yourself a life insurance policy, remember to take it into account during your divorce. You might want to continue holding this policy after your divorce. However, there could be some complications, like its cash value that may be considered a marital asset. Additionally, you should remember to change the beneficiary of your life insurance policy after your divorce. You wouldn’t want your ex-spouse to unintentionally end up receiving the death benefit if you were to pass away.

One of the smartest ways to ensure you don’t forget any asset is to make a property division checklist. This list should include all your assets, big and small. For each item, you should also note its value and whether it’s separate (belongs to you alone) or marital (belongs to both you and your spouse) property.

Having a complete understanding of what you own helps you get ready for the divorce process and make sure your legal rights are protected. It also helps you focus your negotiation efforts on the right items. All of this preparation can lead to better financial stability in your new chapter of life. Having this peace of mind will help you feel more confident and secure about your future.

Choosing Hernan Luna is choosing a dedicated advocate who is ready to stand by your side in these challenging times

Don’t leave your future to chance, secure it with Hernan Luna, your reliable family lawyer. When facing a divorce, you need more than just legal assistance. You need someone who understands the emotional roller coaster you’re on and someone who will fight relentlessly for your rights. That’s where Hernan Luna comes in..