Include your old LEGOs when preparing for property division
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Include your old LEGOs when preparing for property division

On Behalf of | Nov 10, 2020 | Firm News |

Perhaps you have a drawer full of LEGO blocks you planned to throw away but somehow never did. Now that you are facing the property division phase of your divorce, bring those old blocks out. 

Consider them collectibles, along with other, more standard items such as your artwork and your rare book collection. Add these to the list of assets you are preparing as you approach property division. 

Determine your marital assets

Pennsylvania is an equitable division state, which means that there will be a fair division of marital property but not necessarily a 50-50 split. The process will go more smoothly if you make a list of your marital assets, including the purchase date and their current value. In addition to obvious assets, such as your home, vehicles and financial accounts, remember to include retirement accounts and investments, furnishings and those collectibles. 

List your marital debts

Determine what you and your spouse owe and gather statements showing the balance on all open accounts. The judge will split marital debt according to who is best able to pay regardless of whose name the debt is in. 

Document your income

You will need copies of current pay stubs along with tax return copies if both you and your soon-to-be-ex are salaried employees. If your spouse is self-employed, you may need bank account or financial business statements to verify income. 

Put everything on the table

When you are going through a divorce, it is essential to be open and honest so that property division can proceed in as fair a manner as possible. Put everything on the table. Remember that some assets, such as those LEGO blocks, may be more valuable than you ever imagined.