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Marital balance sheet template

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The document is a Marital Balance Sheet (MBS) outlining the division of assets and liabilities between spouses during a divorce. It includes a detailed chart categorizing various assets such as real property, personal property, bank accounts, business interests, and retirement plans, along with their estimated values and notes on how they should be divided. The document emphasizes that it is for informational purposes only and not legal advice.

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What is a balance sheet in a divorce?

Although this is not the same as equal division of property, the Court typically starts with the presumption that each party should receive 50% of marital property during a divorce. A balance sheet is a list of all of the assets and liabilities owned by the parties, to be divided.

What assets cannot be touched in divorce?

Assets that may be protected from equitable distribution during a divorce are typically belong to one of two types: premarital property that has been kept from being commingled or transitioned and gifts or inheritances.

What is the balance sheet for a divorce settlement?

A balance sheet is a list of all of the assets and liabilities owned by the parties, to be divided. This includes, but is not limited to: real property, motor vehicles, bank accounts, investment accounts, retirement plans, personal property, private business interests, liabilities owed, mortgages, etc.

How to do a marital balance sheet?

You list all the assets, and debts (debts should be divided as well) acquired during the marriage. Then you figure out the net value of the asset or debt. Then you start dividing the assets or debts and watch the total at the bottom. One spouse can take 100% of the house, while the 401K is divided 60% / 40%.

How do you value marital assets?

The standard of value most commonly used in divorce situations is fair market value (FMV). FMV is defined as the price that a hypothetical willing buyer would pay a hypothetical willing seller, assuming both parties have reasonable knowledge of the asset and are acting without undue pressure.

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What would a balance sheet indicate?

Your balance sheet (sometimes called a statement of financial position) provides a snapshot of your practices financial status at a particular point in time. This financial statement details your assets, liabilities and equity, as of a particular date.