Divorce and your financial assets: Know your situation

When you decide that divorce is the best way to end your marriage, it's time to turn your attention to matters of property division. Along with this, you need to make a list of your financial assets, as these are sure to come into play during the divorce process.

Along with your assets, list out all of your debts, such as that associated with personal loans and credit cards.

There are many types of financial assets, all of which will need to be negotiated during your divorce. Here are several that could factor in:

  • Bank accounts, both savings and checking
  • Cash on hand
  • Retirement accounts and pensions
  • Stocks and bonds
  • Mutual funds
  • Profit sharing
  • Educational accounts
  • Annuities
  • Christmas club accounts
  • Life insurance cash values
  • Trusts
  • Certificates of deposit
  • Savings bonds

You may find that you have all of these financial assets, among many others. Or you may find that you only have a handful of these. Either way, every type of asset needs to be brought to the attention of the court, ensuring that it's dealt with in the appropriate manner.

You should never attempt to hide anything from the court and your ex-spouse, as this can end up making things worse on you in the long run.

There is nothing simple about divorce, but property division doesn't have to be as challenging as it sounds. When you know your financial assets and debts, it's easier to move forward with confidence. Combine this with the right strategy, and you put yourself in position to be happy with the end result.

Source: FindLaw, "Checklist: Dividing Marital Property," accessed Feb. 22, 2018

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