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4 types of assets to consider in a divorce

On Behalf of | Feb 26, 2021 | Divorce

If you’re going to begin working on your divorce, then there are a few different assets you’ll want to remember to include in your negotiations. Splitting these assets is important, because you want to get your fair share.

While there are dozens of kinds of assets you may want to think about, the following four are among the most common to come up during divorce. Here’s what you should know about them.

Retirement, investment and savings accounts

Retirement accounts, investments and savings accounts might not be as obvious when you go through your assets and debts. These accounts aren’t touched often, but you’ll still want to be sure you include them in your asset division plans.

Debts

Often, people get caught up looking into the assets they can get from their divorce without considering the potential for debt. Debts are also split during divorce, so you and your spouse should talk about the debts you have and who should take them on in the future.

Home

Your home may be the largest, and most valuable, asset that you have. When considering this asset, ask if it’s separate or shared property. Then, if it’s shared, think about how to divide that asset. Do you want to stay in the home? Do you want to sell it? Determining what should happen to it will help you know which steps to take next.

Businesses

Businesses are often a part of divorces. With businesses, both spouses may be entitled to a share, even if the business was created before the marriage. Look into profits and gains, time investments and more to see how much of a business you or your spouse may be entitled to.

These are four kinds of assets that you need to consider during your divorce. Touch on each one of these topics to be sure that you remember to divide as many of your shared assets as possible. Since you were married to each other, you should receive an equitable portion of your shared assets, regardless of what those assets are or how much value they hold. Your attorney can help you come up with a list of assets to discuss if you aren’t sure where to begin.

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