Any divorce has the potential for complications, but this is particularly true when a large number of valuable assets are involved.
As you move through your divorce, you should make a list of all your assets. This includes both separate and marital property. When doing so, pay close attention to financial assets, as these are likely to be among the most valuable.
Here are some of the many types of financial assets that may be subject to division:
- Bank accounts, including checking, savings and maybe even business
- Cash on hand
- Educational accounts
- Retirement accounts, including IRAs and 401(k) plans
- Stocks, bonds and mutual funds
- Certificates of deposit (CD)
- Life insurance policy cash values
As you make a list of these financial assets, here are some critical questions to answer:
- Did you bring any of these assets into the marriage, thus allowing you to claim them as separate property?
- Is it possible your soon-to-be ex-spouse is attempting to hide financial assets from you, such as cash or a separate bank account?
- Do you have any debt, such as credit cards, that may need paid down or paid off with one or more of these assets?
Financial assets will always be a big part of the high-asset divorce process, with both individuals doing whatever they can to secure as many of these as possible.
If you want to put yourself in position for success, make a list of your financial assets as soon as possible. This knowledge and information will allow you to make informed decisions.