A divorce can be a life-changing experience for a family. And, undeniably, the emotional consequences of separation can be overwhelming. However, it is essential for the parties involved to logically consider the assets that belong to the family and decide how to divide them fairly.
This process is often extremely challenging, and working with an expert lawyer at Monarch Family Law can truly help you overcome the financial, logistical, and emotional damage of a divorce. Here is what you need to know about the assets that will be separated during a divorce.
What Things Are Considered Assets?
Firstly – what are assets? Assets are all those items and investments that have financial value. The way to divide these assets can significantly impact your quality of life after the divorce. Thus, it is crucial that you understand the real value of each item and know what is best for you to obtain at the end of your negotiation.
Depending on what kind of life you have been building, many items and investments can follow under the category of “assets”. Here are some of the most common ones:
- Financial assets and money – this includes checking and savings accounts, stocks, bonds, cash, mutual funds, and investment accounts.
- Real estate assets – your home and other real estate properties you might have purchased. You can check what properties you own at the local Assessor’s office.
- Businesses – a business or company is an important asset that needs to be divided, and this asset usually includes the business’s premises and accounts receivable. Since the value of a successful business goes beyond the premises in which it is located, it is essential to find professional help to assign it the right value.
- Debt repayment and taxes – if you or your spouse are set to receive tax refunds or loan repayment, this is an asset to take into consideration.
- Retirement accounts and credit cards – if you have 401k accounts or credit cards that have accumulated airline miles and points, these are significant assets to consider.
- Timeshares and household goods – these are important goods to divide, make sure to consult a lawyer at Monarch Family Law to understand the value of each good.
- Vehicles – from your car to boats, RVs, or campervans, whatever vehicle you own, should be divided fairly.
- Tangible items – these include antiques, artwork, collections, memorabilia, and jewelry.
- Insurance policies and deferred compensation
Items that are not so easily liquified are also considered assets. These include patents, copyrights, trademarks, degrees, and professional licenses.
Consult Monarch Family Law Today
Each separation is unique, and the assets involved can easily vary. Finding the professional help of a lawyer expert in the separation of assets can help you find the best solution for your needs and future life goals. Whether you are looking to start a family with your new partner or you just feel like the divorce has significantly damaged you from a financial viewpoint, separating your assets can be extremely beneficial. Additionally, a lawyer can help you understand the value of each asset and discover assets that have been kept hidden. Get in touch with Monarch Family Law today.