When it comes to property division, every asset deserves your full attention. However, it goes without saying that some are more valuable than others.
Your financial assets have the potential to be among the most valuable, especially if you’re in the latter stages of your life.
Some of the many assets that fit into this category include:
- Checking and savings accounts
- Cash
- Retirement accounts and pensions
- Stocks and bonds
- Mutual funds
- Educational accounts
- Life insurance policy cash values
- Annuities
- Certificates of deposit
Take for example a couple that’s divorcing in retirement. These individuals will put a lot of emphasis on things such as retirement accounts, pensions and annuities.
As you prepare for your divorce, make a list of all your financial assets. In addition to the list itself, this should include two other details:
- The value of each asset
- Whether it’s a joint or separate asset
For instance, if you have joint bank accounts, it’s easy to assign a value to it. All you have to do is look at your current account balance.
Also, if an asset is solely owned by one individual, it may not be subject to property division.
Divorce will impact your life in many ways, including your financial circumstances. Even though it’s a tough pill to swallow, you won’t receive everything in your divorce. You must be willing to negotiate and compromise.
As you review your financial assets, you’ll realize they’ll play a big part in your divorce. The more organized you are, the easier it is to protect your legal rights and obtain what you deserve.
