- Download our sample spreadsheet
- Tips for filling out your spreadsheet
- Marital vs. separate property
- How to assess the value of your property
- Equalization for fair division
- Complex assets/property
- When you can’t agree on items
- FAQ
It's totally possible to divide your stuff without a lot of bickering or resentment. You can also split up all your property and debt without lawyers. We make it a lot easier with our Property Division Spreadsheet.
Use the link to download our spreadsheet below to help determine who (fairly) gets what. For more helpful information and help using this spreadsheet, scroll down or click on the bullet point above.
Download and Modify Our Spreadsheet
Tips for filling out your spreadsheet:
- Any items on the list that were gifts are separate property and belong to the person to whom they were gifted. Note this on the spreadsheet.
- Make two copies of your spreadsheet. Each of you should then go through it and mark which items you would like to have.
- If there are disputes over certain items, go through those items and take turns choosing which item you get to keep.
- Try to work together to split everything as evenly as possible.
- Note that if there are disputes about the values of personal property, either spouse can offer opinion testimony on the value.
- Update the spreadsheet as you progress with the property division.
Marital (shared) vs. separate (personal) property
Marital and separate property are legal terms that refer to different categories of assets and property ownership, particularly in the context of marriage, divorce, and property division. Here's an explanation of the difference between marital and separate property:
Marital property
Marital property, or community property in some states, refers to items of value acquired by either spouse during the marriage. This includes income, purchases, debts, and investments. It is considered joint property owned equally by both spouses, regardless of whose name is on any associated documentation. Marital property must be divided according to your state’s rules.
Separate property
Separate property refers to anything owned by one spouse only, usually acquired before the marriage or after the date of separation. It is theirs to keep unless determined otherwise by the spouses or the court. It is not subject to division in divorce.
Key differences between marital and separate property
Ownership: Marital property is acquired during the marriage and is jointly owned. Separate property is owned individually.
Division in divorce: Marital property should be divided or equalized, whereas separate property is usually not.
Recommended reading:
- 7 Ways to Make Asset and Debt Division as Fair as Possible
- Why You May Not Have to Split Everything Evenly With Your Ex
- Free Home Equity Buyout Calculator
- Who Gets the Dog or Other Pet in a Divorce?
How to assess the value of your property
- Gather documentation: Collect all documents related to your assets, such as deeds, titles, account statements, appraisals, and receipts.
- Identify property types: Our spreadsheet makes it easy to label each item as marital property or separate property.
- Get appraisals: For larger items of value like real estate and vehicles, consider hiring professional appraisers to determine their current market value.
- Assess debt and liabilities: List out any outstanding debts, loans, or liabilities and subtract them from the asset value. You will also want to decide who will pay these off.
- Review tax or other financial impacts: Selling or transferring assets during divorce proceedings can have tax implications. Consult with a CDFA or other financial or tax expert if this is a concern.
What happens if we disagree on the value?
If you and your spouse cannot agree, you have a few options. First, you could try mediation to reach an agreement or meet with an expert who can help you determine a fair dollar amount. If this doesn’t work, you may need to head to court.
Read more about working together to reach an agreement and avoid a contested divorce here.
Equalization
If one spouse is taking more than 50% off the value of all your items, the other spouse can make it more fair with something called an equalization payment. This is the disparity between each spouse’s monetary share of the assets. So, if Spouse 1 is getting 35 items valued at $10,000 and Spouse 2 is getting 30 items valued at $12,000, Spouse 1 can make an equalization payment to Spouse 2 in the amount of $2,000. Equalization payments are more common in community property states, where assets are split 50/50.
Read more about equalization in divorce.
How to handle complex assets like retirement accounts, investments, digital assets, and businesses
Non-physical “property” can be more difficult to divide. We recommend the following resources to guide you:
- Divide, Equalize and Offset, or Cash Out Retirement Accounts?
- Understanding QDROs: Dividing Retirement Plans in Divorce
- Investment 101 for the Newly Divorced
- Can an Ex-spouse Claim Your Pension after Divorce?
- Guide to Intangible Financial Assets in Divorce
- How Are Business Assets Divided in Divorce?
When you can’t agree on who gets what
If you just can’t seem to work out property division on your own, here are some tips:
- Maintain open and respectful communication with your spouse. Express your concerns and preferences clearly, and listen to their perspective without hostility or blame. Consider mediation to facilitate discussions and find mutually acceptable solutions.
- Pick your battles. Prioritize assets based on their importance to each spouse, financial value, sentimental value, and practical considerations. You usually can’t get everything you want, so be ready to compromise on lower-priority items.
- If mediation or all other methods fail, consult an attorney specializing in asset division and property rights. Consider hiring financial advisors, appraisers, or forensic accountants to assess asset values, conduct valuations, and provide objective insights into complex financial matters.
- Consider collaborative divorce, a cooperative approach where spouses, along with their attorneys, work together to negotiate a settlement without going to court.
- Be open to exploring trades, equalization payments, and other creative solutions that benefit both parties.
- If all the above fail, you will need to go to court and allow them to decide for you. Be aware that you will likely add significant time and cost to your divorce process should you need to go to court.
FAQ about property division in divorce
Will I be able to maintain my current standard of living post-divorce?
Usually, you will need to make some adjustments because you are now on a single income. If you cannot maintain your standard of living after divorce, you may qualify for spousal support. The court will look at your income and your spouse's income to make sure spousal support is necessary. Read more about maintaining your standard of living after divorce here.
Will I be able to keep assets that were mine before the marriage or acquired through inheritance?
Probably, if it’s considered separate property and meets the rules surrounding that in your state. Read more about inheritances in divorce here.
Who is responsible for credit card debt?
Usually, both of you – especially if it’s a joint account. But if one of you was a much bigger spender or the card is only in one of your names, that person may be more or solely responsible. Read more here.
Can I afford to keep the marital home?
We recommend you schedule a free 30-minute consultation with our Real Estate Strategist who can answer this question based on your unique circumstances. Book your call here.
Will child support and custody arrangements impact asset division decisions?
It can if the primary parent needs financial assistance in the best interest of their children. Read more about child custody and support here.
Need help understanding your home-related options?
Download Divorce & Your Home, our free three-step home solution with tips and worksheets to help you understand and make the most of your home's equity.
