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Ledger FreeWhat is a marital balance sheet?
A marital balance sheet is one list of everything a couple owns and owes, with a value for each item, who will keep it, and what each person ends up with. It's a common way for couples, and the professionals helping them, to get the property side of a separation organized.
What goes on a marital balance sheet?
Every asset and every debt, each on its own row, with its value, who keeps it, and notes.
- Assets: the home and other property, bank and investment accounts, retirement accounts and pensions, vehicles, furniture and belongings, a business.
- Debts: the mortgage, home equity loans, car loans, credit cards, student and personal loans.
- For each item: an estimated value, who it goes to (or how it's split), and a note on where the number came from.
- At the bottom: each person's total, their net share (what they keep minus the debts they take on), and the payment that would even it out.
The often-missed checklist helps make sure nothing is left off.
What does one look like?
Here's a filled-in example for a fictional couple, Alex and Taylor.
| Item | Value | Goes to | Alex gets | Taylor gets |
|---|---|---|---|---|
| Assets | ||||
| Primary residence | $680,000 | Alex | $680,000 | – |
| Vacation property | $350,000 | Taylor | – | $350,000 |
| Joint checking | $12,400 | Split 50/50 | $6,200 | $6,200 |
| Savings account | $38,500 | Alex | $38,500 | – |
| Brokerage account | $110,000 | Alex | $110,000 | – |
| Retirement 401(k) | $240,000 | Split 50/50 | $120,000 | $120,000 |
| SUV | $22,000 | Alex | $22,000 | – |
| Sedan | $28,000 | Taylor | – | $28,000 |
| Furniture and household | $25,000 | Split 60/40 | $15,000 | $10,000 |
| Total assets | $1,505,900 | $991,700 | $514,200 | |
| Debts | ||||
| Mortgage | $420,000 | Alex | $420,000 | – |
| Home equity line | $50,000 | Alex | $50,000 | – |
| Auto loan (SUV) | $18,000 | Alex | $18,000 | – |
| Credit card | $6,200 | Split 50/50 | $3,100 | $3,100 |
| Personal loan | $12,000 | Taylor | – | $12,000 |
| Student loan | $24,000 | Taylor | – | $24,000 |
| Total debts | $530,200 | $491,100 | $39,100 | |
| Net share | $500,600 | $475,100 | ||
Alex's net share is $500,600 and Taylor's is $475,100. The difference is $25,500, so an equalization payment of half that, $12,750 from Alex to Taylor, leaves each with $487,850. The same example, as the spreadsheet prints it, is in the completed sample PDF.
How do I make one?
Start with a list of everything, then try a first division. You can do it on paper, in a spreadsheet, or together online.
- On your own: the free asset and debt spreadsheet (Excel or Google Sheets) or the printable worksheet. It works out the totals and the payment for you.
- Just the numbers: the equalization calculator runs in your browser.
- Together: Balance Sheet is a shared marital balance sheet both of you can work on, with your mediator or attorneys if you have them (see how professionals use it). You propose, counter and agree item by item.
Tips for a useful balance sheet
- List before you divide. A complete list is the part both sides can usually agree on.
- Use one date for every balance, such as the end of last month, so the numbers line up.
- Say where each value came from: a statement, recent sales, a pricing guide, an appraisal.
- Flag the items to ask about: retirement accounts, investments, anything that would have to be sold, and anything one of you feels is theirs alone.
- Treat the first version as a draft. Try a few divisions and see which trade-offs matter to you.
Ask your attorney or mediator
- What date should we use for values, and do we need appraisals for anything?
- Which items on our list might be treated as belonging to just one of us?
- Is an equal split the starting point for us?
Where can I read more?
- IRS Publication 504, Divorced or Separated Individuals: taxes and property transfers, in general terms.
- AnnualCreditReport.com: your free credit reports, to find every debt in your name.
- Your state court's website: most have self-help pages and forms.
General information, not legal advice. Just Divvy provides general information for educational purposes only. It is not legal, tax or financial advice, and using it does not create an attorney-client relationship. Divorce and property laws vary by state. Check your state's laws and talk to a licensed attorney in your state before making decisions.