It’s always hard to decide that you want a divorce, and the realization of everything you need to do to finalize it can be overwhelming. Your attorney is there to help you through your divorce, but there are also some things you should know about protecting your assets.
One of the things you need to think about is how quickly you want to resolve your divorce. Some people will do anything it takes to get out of the situation quickly, but that can be costly in the long term. It’s a better idea to slow down the process and to take time to talk to your attorney, financial advisers and others familiar with divorces and asset division.
How are you valuating your assets? It matters.
Another thing to think about is how you’re valuating your assets. You need to get an appropriate valuation on things like your home, artwork and other assets. You may wish to hold onto some assets for their personal importance to you, but don’t overvalue them. Divorce and asset division is about the true value of your assets, not perceived value.
Look for missing assets now
It’s also important to look for anything you may have missed. Things like stocks, bank accounts you haven’t used in years or savings accounts add up. If you overlook them now, you may not be able to retrieve anything from that account later on. A forensic accountant and other professionals can help you find as many of your assets as possible, even if you’re not entirely sure where to look.
These tips can help you make the most of asset division and your settlement agreement. Take time to look through all your accounts, because you are entitled to your fair share.
Source: CNBC, “Breaking up is hard to do: Protecting assets in divorce,” Kelli B. Grant, accessed June 30, 2017