Asset/ Liability List

With regard to assessing the property settlement, parties are required to list, in detail, all properties they own
and all of their liabilities. It is extremely important that both parties exercise full disclosure of assets.  I’ve
made some suggestions below to assist my clients in developing a thorough inventory. Clients are requested
to compile their asset/ liability lists prior to the mediation sessions.

Items on this list are then categorized as either “community” or “separate.” Generally Community assets are
those assets that were acquired during the marriage. Separate assets refers to those assets owned before the
marriage, or acquired after separation.  Assets acquired during the marriage, by gift (from a third party) or
from inheritance, are an exception and are deemed separate assets. 

“Community liabilities” refer to all debts incurred during the marriage, regardless of whose name the debt is in.
“Separate liabilities” refers to those debts incurred before the marriage or after separation. 

Part of the mediation agenda will be to assist the parties to determine a value of their listed assets and liabilities.
The value of the assets and liabilities, the fair market value, fluctuates depending on the volatility of the market.
Parties can agree on the values of items themselves.  If they disagree on a valuation, I would suggest, as a way
of saving money, that they agree on a common person to make valuations.  All of the assets need to be valued
as of the same date.  This valuation date can be agreed upon by the parties.  Most often the valuation date is
the day of their separation or their trial date.  Parties should come  to the mediation with support data, such as
tax or bank statements, blue book values, etc.

 Again I would like to stress, it is extremely important that both parties exercise full disclosure of assets.

LIST OF ALL COMMUNITY ASSETS:

Real Property:

            Residence(s), commercial, vacation, time share, investment …
            Provide the address of the real property, amount of the mortgage, liens or encumbrances, name of lender.

Vehicles:

            Autos, trailers, boats, etc., auto driven by older child but owned by parents.  Provide the model, year
and vin number of the vehicle.
            If there is a lien on the vehicle, provide the name of the lender, amount of unpaid on the lien.

Bank accounts:

            Savings, checking… : Name of bank, credit union; type of account, name on account, account numbers

Pensions/ retirement accounts, cost of QDRO.

 

Business interests: own a business, value

 

Stocks/Bonds/ Investments / Certificates of Deposit

 

Life Insurance Policies

 

Household Goods/ furnishings/ Appliances/ collectibles and antiques:

            (Helpful to group smaller items together, if value less than $250)

 

Sporting goods/ tools and equipment:

            (Helpful to group smaller items together, if value less than $250)

 

Jewelry/ Artwork:

            (Helpful to group smaller items together, if value less than $250)

 

Electronics and Accessories:

            (Helpful to group smaller items together, if value less than $250)

 

IRS refund due

 

Other

 

 

LIST OF ALL COMMUNITY LIABILITIES:

 

Mortgage

 

Loans (vehicles, student, personal…)

 

Credit cards

 

Unpaid bills ( utility, phone, IRS, hospital, collection…)

 

Liabilities incurred after separation, before divorce that are in dispute as to who             owes them

 

 

Other/ Anticipated Assets/ Liabilities and Questions to help build the list:

 

Inheritance

 

Settlement proceeds from a lawsuit, or anticipated assets or liabilities from lawsuit

 

Settlement proceeds from a work related injury

 

Money owed by another

 

IRS refund or debt owing.

 

Property taxes owing.

 

If leasing, damage deposit

 

Was there a pre-nuptial agreement or other agreement regarding ownership of property?