You Have To Have This Document In Order To Win Your Case! (Pt. 1)

The Balance Sheet – Valuing, Distributing And Dividing Assets and Liabilities – Six Steps To Completing The #1 Document In Your Entire Case


Why is the balance sheet the #1 most important document in every property only case? Simple.

In every case, the balance sheet is exactly what the judge uses to determine an equitable division of assets and liabilities – what you get and what she gets. Here are the top six tips to putting together a bulletproof balance sheet for the judge:

  1. List all of the marital assets on a piece of paper that are worth more than $500 and put the current value next to each. And remember, marital assets are defined as property purchased/accumulated during the time of marriage. For example, the house – $350,000, your Toyota Camry – $12,000, your wife’s 401k – $23,000. At this time, do not include your personal property such as clothes and jewelry unless the item has value of over $500 and the value can be proven. And do not include the IRA that you had before the marriage and that has not been touched since (that is separate property that should be listed as such). Add everything up.
  2. List all of the marital debts on another piece of paper. For example, your Visa card balance owed – $3,400, a car loan – $2,900, your spouse’s medical bills. Again, do not list debts that you had before the marriage (a loan from Grandma for college that you are still paying back is a separate debt and should be listed as such). Add them up.

 


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