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Checklist: Tally divorce assets

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Here’s what to cover off in client meetings about divorce assets, as well as some to-dos to take care of in advance to make the meeting more productive.

In addition to debts or other liabilities, a divorcing couple must take stock of their assets.

The single largest is usually the family home. But focusing on the house can lead to other things of value being overlooked – plus the circumstances surrounding divorce don’t encourage people to be forthcoming about what they own or where it’s kept.

Who gets what will always be a major bone of contention. While it’s not your place to mediate, an exercise like this can help you gain some of the transparency you’ll need to manage a couple through divorce.

This list helps you ensure each asset is clearly detailed and ensure the process of an equitable division can commence.

Preview of Checklist: Tally divorce assets

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Checklist: Tally divorce assets

1. Real Estate:

A family home or vacation property often accounts for much of a couple’s wealth. And there may be some disagreements about each member’s contribution to this asset. So establish:

  • Purchase price and current market value
  • Date of purchase and move in
  • Down payment, and amounts contributed by husband, wife, in-laws, other relatives
  • Loan servicing costs, and household income contribution to same
  • Remaining mortgage

2. Car(s):

  • Year, make and model
  • Purchase price
  • Down payment and how much was financed
  • Loan servicing costs, and household income contribution to same
  • Outstanding loan amount
  • Resale value

Courtesy of Advisor.ca © 2018 Transcontinental Media G.P. These materials are for reference and guidelines only. You are responsible for the advice you give your clients.
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