In a high-asset divorce, there’s no question that you have a lot to gain or lose. Some of the things you want out of your divorce could be monetary, while other items you want could be based solely on memories or personal significance. Your marital assets may include properties, retirement accounts or stocks, just to name a few things. Normally, you, as a couple, may have merged your income and property, purchasing items together.
What do you do now when you have so much money invested into your relationship? Dividing your marital property is the only option, and it can be stressful. With the help of your attorneys and potentially even mediation for contentious issues, you can get through this difficult procedure.
When you’re dividing your property, make sure you have a checklist of the items you may have to split. Do you have a marital homestead? Have you purchased other real estate, like vacation homes or rental properties?
Look at business ventures. Do you have shares in businesses or own business properties? What about land?
Remember that it’s not just accounts that get split. Things like your furniture and collections will be divided as well. Some common items that are divided include computers, office equipment, crystal, artwork, rugs and jewelry.
Financial assets may include things like 401(k) plans, pension plans, checking and savings accounts, Christmas club accounts, retirement savings, mutual funds, trusts and life insurance policies. These are all items that the court will want to know about and divide among you during your divorce. Make sure to write down everything that should be present in your accounts to be sure they’re accounted for.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Nov. 05, 2015