We get it: Putting a monetary value on your life sucks, but it’s a necessary part of divorce online, and divorce in general. With that said, it doesn't have to be as painful as pulling teeth. In fact, when you and your spouse work together on your uncontested divorce online via the data-entry tools on It's Over Easy, you spend less time worrying about what items need to be reported and more time communicating about things that really matter to you.
Here's a look at what Assets and Debts actually are, and how you can include them in your divorce online data in the Have/Owe and Make/Spend steps on It’s Over Easy without a great deal of stress and work.
What Are Assets?
Assets are items — tangible or intangible — that have an associated cash value. That means you can convert these holdings to cash by selling them, cashing out a policy or withdrawing money from the account. Some types of assets include:
- Your real property, which includes land and buildings that are attached to it (such as land and a home or a commercial investment structure you own)
- Your personal property, which is any item you own outside of real property (such as family heirlooms, appliances, furniture, artwork, jewelry, cars and trucks, RVs, boats and recreational vehicles)
- Cash or assets that are equal to cash (such as savings or checking accounts)
- Investments (such as life insurance, 401(k) or other retirement accounts, annuities, stocks and bonds)
You don't necessarily have to list every item you own when including assets in your online divorce paperwork. Personal clothing, for example, isn't likely going to be up for discussion, unless you have a contention point about an expensive fur coat or designer suit. Most couples striving for an amicable divorce tend to agree that assets such as personal apparel will just go to the person who uses it, but remember that it's your divorce, and you and your spouse can come to any agreement that works best for both of you.
What Are Debts?
Debt is a monetary obligation that you owe to someone else. Common types of debts you might be dealing with as an individual or couple include:
- Mortgages for homes, investment properties or business properties
- Loans for automobiles, recreational vehicles or watercraft
- Revolving debt, such credit cards
- Student loan debt
During the course of your divorce online, you have to figure out what to do with any debt that you hold together. An online divorce doesn't automatically remove you, individually, from the debt obligation — even if you agree on your uncontested divorce online that one person will take over paying the debt. Because of this, it's important to understand your credit and debt situation before, during and after your divorce online and plan accordingly.
What Assets and Debts Are Shared Among Spouses?
Our data-entry platform lets you quickly list Assets and Debts. You can even invite your spouse to create a log-in so they can collaborate with you to improve communication and speed up the divorce online process. Before you start assigning Debts and Assets, make sure you understand what items are owned individually and what might be considered community property. It’s Over Easy can help you navigate these decisions. Check out our resources on the matter, such as this blog on common-law versus community property states.
When filing your uncontested divorce online, creating a comprehensive list of your Assets and Debts can seem daunting. Not everyone has these things in order, and if you've been dealing with emotional aspects in the dissolution of your marriage, it's completely understandable that some things might have been put on the back burner. Here are some tips to ensure you list all the appropriate items:
- Take your time, and work together. You might want to get things over with as fast as possible and move on with life, but taking a few weeks or a month to agree on things is all right and may help you both arrive at the alignment you need for an uncontested divorce online.
- Log into all your accounts online to create a list of all your accounts and what assets are included. Don’t forget the Macy’s card or the card you both opened to finance a new appliance years ago: it’s often the little things that can have the most damaging effects, because they can slip through the cracks and cause surprise credit problems in the future.
- Allow at least a month — more if you can — to gather all mail that comes to you. This gives you a great idea of what debt you might owe. Ask your spouse to do the same, and enter each item as it arrives in the mail.
By breaking the process down over a few weeks and using the It’s Over Easy tools, you’ll find that the entire process is easier than it first appeared. Click here for some experts who can help you through all of this. It's Over Easy can help make your divorce online suck less, trust us!