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Specialty tag(s): Dividing the Marital Home, Property Division
How to Identify Assets in a Divorce
Kathryn J. Murphy | April 26, 2017
There’s basically four steps to divide assets in a divorce.
The first step is to identify all of the assets, and we have to engage in this first step before we get to any of the other steps, before we get to dividing assets, because it’s a process and a road map to the resolution. So, first, we identify all of the assets, and in some cases, the spouses just complete and sign under oath a document that we call an Inventory and Appraisement. And the inventory is simply a listing of all of your assets and liabilities. And we will also exchange documents to support every line item on the inventory, and the spouses sign that under oath, and then we start moving to the next steps to divide the assets.
In other cases, we might engage in more formal discovery, and formal discovery options consist of taking depositions. We can take a deposition of the parties, of employers, of boyfriends, girlfriends, business partners, etc. So the goal is to make sure that all assets have been identified and that we get all of the information that we’re seeking in a cost-effective way.