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Do-it-Yourself Inventory
The basic idea is that
you want to get everything down in one place. If you're comfortable with
computer spreadsheet programs, they help tremendously here. Even if you're
not, you can still get the job done if your affairs are simple. Just write
it down on a piece of paper.
If your spouse has
the information and won't give it to you, print a copy of
The
Discovery Money Pit and share it with him or her. Ask, "Is this what
I'm going to need to do?"
What you own and
what you owe will probably fall into one of these categories:
 | Real
property (that's dirt and stuff attached to dirt). This includes your
house,
any second home(s), raw land, and commercial property. As you gather information
on real property, there are several pieces of
information
you'll want to make sure you get. |
| Vehicles.
This includes your cars, of course. It also includes any boats, trailers,
tractors, RV's, etc. |
| Bank
accounts. This includes checking accounts and savings accounts. |
| Financial
assets. This includes retirement plans
and IRA's. It also includes stocks, bonds, brokerage accounts, and any
other interests in businesses. If either of you has a
family
business, you may need to get some help to place an accurate value
on the business. This category also includes the cash value on any life
insurance. |
| Your
household
goods. This includes furniture, clothing, dishes, china, silver, crystal,
jewelry, collectibles, books, art work, electronics, tools, guns, and anything
else of value that doesn't fall into one of the other categories. |
| Miscellaneous
assets. It's easy to overlook these. Things like frequent flyer miles,
interests in businesses, claims one of you may have for damage or injury,
tax refunds you expect to receive, patents and copyrights, country club
or other club memberships, and timeshare credits. |
| Your
debt. These go in as negatives, not positives. For each debt, you need
to know not only the balance owed but also who is contractually liable
to pay it. You cannot assume that if your name
isn't on the card, you're not liable. Call the credit card company
or loan company and ask "Who is contractually liable to pay this debt?"
They'll usually be able to tell you quickly. You also may need to think
about the possibility of bankruptcy. |
As you build the
sheet, include a column out to the side to tell who owns the asset or debt
now. You'll also want to include a column for yourself and one for your
spouse. As you agree on who will get specific assets, they can go in the
correct column. Then you can add the results up to see how each of you
is doing in relation to the other.
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