When families have a multitude of important assets such as shared cars and holiday homes, dividing assets in the event of a divorce can be complex. This can also be true for less tangible assets such as stock options, retirement plans and even pieces of art or jewelry that hold sentimental value. More often than not, separating couples come into conflict in regard to who should keep what possessions. In this situation, couples often seek legal guidance and financial advice to help them navigate through this difficult time.
Keep separate property separate
When dividing assets, there is a clear distinction made between property that was acquired in the marriage, marital property and that which was acquired separately before the marriage occurred. It is important to note that if you name your spouse as a co-owner of your separate property, it will become marital property.
Think about the long-term
As a person separating from your spouse, one of the most important things to note is that you should be thinking not just of the present moment and what you would like to gain now, but also about what your chosen assets will be worth in the future. You should approach asset division in the same way that you would if you were making an investment. You should favor the assets that are likely to gain the most value in the long term.
Dividing assets the right way takes a great deal of research and careful thought. Make sure to consider all possibilities when negotiating with your spouse.
Source: Forbes, “Understanding how assets get divided in divorce,” accessed Oct. 27, 2017