What is an Inventory and Appraisement (Property Issues in Divorce part 2)

As I discussed in my previous post, there are two categories of property: community property and separate property. Today I will delve into what is considered property in general.

As I mentioned in that article, property is not limited to just your house. In fact it taps into everything you own down to the silverware. In a divorce your attorney may ask you to complete an Inventory and Appraisement to detail out all of the assets you and your spouse own. A sample Inventory and Appraisement can be found here.

This Inventory and Appraisement guides you through the different types of property which include: Real Property, Mineral Interests, Cash on Hand, Brokerage Accounts, Stocks and Bonds, Stock Options, Bonuses, Business Interests, Retirement Benefits, Insurance, Vehicles, Household items, as well as other miscellaneous property items.

Completing this Inventory and Appraisement will take time, but is essential in helping your attorney fully evaluate your case. Without a fully completed Inventory and Appraisement your attorney cannot advise you on how to proceed in your case. Your attorney cannot advise you whether mediation is better or whether it is better to proceed to trial. This Inventory and Appraisement is just one piece of the puzzle the attorney needs and combined with everything else about your case, your attorney can put the puzzle together. Further, if your case goes to trial the Judge will require this Inventory and Appraisement in order make a just and right division of your estate depending on the facts of the case.