Hearing that your spouse has filed for divorce can be devastating. The life that you have built together is changing and that’s scary. But do not let the news take you away from dealing with the divorce proactively. As you have spent time with your spouse amassing assets, make sure to account for everything that needs to be separated. Having the proper setup for the process of property division can affect your financial future.
The first step is to take an inventory of the marital assets that are subject to property division. Marital assets includes all property that was acquired during the marriage. Certain restrictions include gifts to one spouse, property acquired by those gifts, and property excluded from the marital estate. A good way to take stock of your assets is by collecting financial paperwork like paycheck stubs, tax returns, loan or mortgage paperwork and bank statements that will establish your net worth as a married couple.