When you and your spouse decide to divorce, you hope that you can move through the process as quickly as possible. You also hope that things work out in your favor in regards to property division.
While there are steps you can take to put yourself in a better position, you need to remember one thing: Property division is all about compromise. You aren't going to get everything you want, but you can still formulate a strategy for pushing forward.
Financial assets are often a sticking point during divorce. There are many reasons for this, including the fact that these assets are often among the most valuable. These can include but are not limited to the following:
- Bank accounts, both checking and savings
- Educational accounts
- Retirement accounts, including IRAs and 401(k) plans
- Profit sharing
- Stocks and bonds
- Certificates of deposit
- Mutual funds
- Life insurance policy cash values
While you may not have to deal with all of these financial assets, there's a good chance that a handful of them will come into play during your divorce.
As the divorce process kicks off, make sure you list out all these assets (complete with the value). You don't want any of them to slip through the cracks, as this could work against you.
Although you'll have a lot to think about during a divorce, you need to focus on matters of property division. When you put the appropriate effort into this side of your divorce, you will feel better about your ability to secure the assets that you deserve.
Source: FindLaw, "Checklist: Dividing Marital Property," accessed March 21, 2018