When it comes to protecting your assets in the event of a divorce, you can’t protect an asset you’re not aware of. While there are guidelines and formulas for the division of marital assets, they are only effective if used in conjunction with accurate information about a couple’s finances.
In a contested divorce case, assets such as the marital home, vacation properties, family businesses or real property are given their fair share of attention, as they should. However, failure to consider all marital property can result in a property settlement that leaves one spouse holding the bag.
Don’t forget your coins (and art, and credit card points…)
Commonly forgotten marital assets include:
- Employee compensation plans, including deferred compensation
- Life insurance policies
- Antiques and home furnishings
- Art collections
- Wine collections
- Rare coins and stamps
- Classic cars
- Frequent flyer miles and credit card points
- Cryptocurrency holdings
One way to make sure all marital assets are brought to the table is to partner with an experienced divorce attorney; your attorney may employ the assistance of professional experts such as a forensic accountant to uncover hidden assets and make sure your property settlement accurately reflects the reality of your marital estate.
Mishandled finances can haunt you
Your anticipated post-divorce finances can have an impact beyond your financial ledger, as issues such as child support and spousal support will be based on the incomes and earnings potential of each spouse. Making sure that marital property division is handled accurately is the best way to lay a solid foundation for the rest of your contested divorce.