Avoiding Common Pitfalls in Property Division
- Create a detailed marital balance sheet listing all assets and debts.
- Assess if you can keep the marital home (affordability does not make it the optimal choice).
- Determine accurate valuations for property, investments, and retirement accounts.
- Understand how pre- and post-tax assets are equalized when dividing assets in divorce.
- Ensure equitable division while considering tax and liquidity impacts.
- Understand separate vs. marital property classifications.
- Understanding liquidity issues.
- How do capital gains play into the asset split?
- Identifying potential tax consequences.