Major Assets You Need to Divide During a Divorce

Getting divorced can be an emotionally draining situation that makes it hard for you to manage your life. One of the difficulties comes from splitting assets with your ex to make sure that you each get what you need. When you understand what your most important assets are, it can be a lot easier for you and your ex to figure out how to properly divide those assets.

Retirement Accounts

Sometimes people forget that they need to split the money that they have in their retirement accounts as part of their divorce. These funds need to be divided because they were a part of your income when you were married. Sometimes both spouses have a retirement account, but sometimes only one will have this kind of account. Depending on the accounts you have and how much money is in them, the way you split this asset can vary. Your divorce attorney will help you to figure out how best to split retirement accounts to meet the needs of both spouses along the way.

Your Home

You also need to figure out how you are going to split the major asset which is your home. This can be a difficult thing because, in addition to the financial value of your home, there are also many memories and sentimental aspects applied to your home. Since you will not be able to share the space anymore, you have to come up with a solution that you and your ex can agree upon. In most cases, the home will be sold and the proceeds split evenly. This helps things to feel fair for both parties as you work towards starting your separate lives on an even playing field.

Your Other Accounts

You will also need to figure out how you want to divide all of the financial accounts you and your spouse had in your name. Depending on the state you live in, you may be required to split assets directly in half. Otherwise, you and your ex can come to a solution that makes sense depending on your prospects and current financial situation. You should talk through all of this with your lawyer to make sure that you do things properly.

Taking the time to split your assets can help you to feel better and have a solid foundation to move forward from. You should make sure that you are clear in what you need and that you express those needs to your lawyer. Together you can work to ensure that the divorce proceedings result in you having the things you need.

Check out this article on how to build a strong financial foundation for your family!