Dividing any assets can be complicated during a divorce. Even if it is as simple as dividing a bank account, when you and your ex do not see eye-to-eye, it can lead to a long court case as everything gets sorted out. And that's for one of the easiest assets to split up, with the least questions. If even something that straightforward can cause problems, what are some more complex assets to split up?
There are plenty of them, depending on your lifestyle and income. Generally, the more money you have, the more complicated it will be -- though this is not always the case. Some examples of assets include:
- A professional practice, such as a doctor's office
- A retirement plan
- A pension plan
- Deferred compensation from your job or your spouse's job
- Your family home, with both names on the mortgage
- Rental properties that you own and/or run
- Family-owned businesses
- Restricted stock or stock options
- Brokerage accounts
- Overseas investments
- Art collections
Perhaps most difficult are businesses and practices. Not only do they count as assets, but they may be the main source of income for both you and your spouse. You have invested years into them. Deciding how to split that up is not easy. It defines your financial future, not just the outcome of your divorce.
In a case like this, it's absolutely critical that you know all of the legal options you have. You must understand how to sort through this, fighting for a fair outcome. Remember, the way you walk away from this divorce sets up how your life plays out moving forward.