Many people getting divorced struggle with the complex and often complicated process of dividing property and assets. While it may seem difficult to negotiate and decide how to divide marital property and assets, it doesn't have to be.
Proper planning and understanding what marital assets and property you have can reduce the stress associated with property division during divorce. Many couples don't have just bank accounts and the family home to divide, but they must also divide retirement assets, home furnishings and life insurance policies.
Understanding what assets and property is shared is the first step in planning for property division negotiations. There are several different types of assets and property that should be considered during settlement negotiations. In addition to retirement accounts, life insurance plans, the family home and vehicles, it is important for spouses to consider how the following items will be divided:
- Home furnishings, including art and collectables
- Significant gifts
- Tax returns
- Cemetery plots
- Memberships to golf courses and country clubs
- Lottery tickets
- Travel reward programs
There are many other items that should also be considered by spouses during the divorce process as every divorce case is unique.
Property division negotiations can be complicated but understanding what items will be divided can help ease the stress and pain of splitting these items after the divorce. After understanding what items will be divided, it is important for spouses to know the value of these items and decide which ones they want to keep and which ones they would be okay with letting go of.
Knowing how much your possessions and assets are worth is a vital part of the divorce process as it can help spouses make sure they are getting their fair share after the divorce is finalized.
Source: Forbes, "Divorcing Women: Don't Forget These Marital Assets," Jeff Landers, Oct. 16, 2013