As you prepare for divorce, there are many steps you can take to ease your stress and position you for future success. One of the best things you can do is create a list of all your marital assets.
This is important, as these are the assets that will quickly move to the forefront of your divorce and the property division process.
While every asset is important, pay close attention to those that hold the most value. These are the ones that your soon-to-be ex-spouse will focus on, so you need to do the same.
No two people have the same financial circumstances, but here are some assets that are typically among the most valuable:
- Bank accounts: Any type of bank account has the potential to house many thousands of dollars (if not more). Even more important is the fact that this is liquid funds, thus allowing for quick access.
- Retirement accounts: It’s a mistake to overlook this asset, as you assume that you’ll have the time necessary in the future to save for retirement. Fight for your fair share, whether it be an IRA, 401(k) or some other type of retirement savings vehicle.
- Family home: For many divorcing couples, this causes the most tension. Not only is your family home worth a good amount of money, but the both of you may want to stay in the property. There are many ways to handle this, but you’ll need to find common ground.
- Business interest: Do you and/or your spouse own a business? If so, it’s likely to come into play during your divorce. Your business may have many assets, ranging from bank accounts to equipment.
- Personal property: This takes on many forms, including but not limited to motor vehicles, electronics, jewelry, antiques and collectibles.
With a list of your most valuable assets in hand, it’s easier to feel confident in your ability to protect them during your divorce.
You won’t get everything you want, as property division is all about negotiation and compromise, but you can definitely take steps to protect your legal rights. This allows you to walk away satisfied.