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Your Most Important Assets In A Divorce

On Behalf of | Aug 17, 2020 | Family Law |

There is a taboo surrounding divorce that causes people to avoid discussing it. That means that many people may be unaware of critical information regarding their own divorce. Specifically, you may not know what your most valuable assets going into a divorce are and how to protect them.

Talking about your financial status and assets during a divorce is important so you don’t wind up clueless and uninformed during the process.

What Are My Most Valuable Assets?

Some people might think family heirlooms like jewelry, or expensive foreign cars are their most valuable possessions during divorce, but this is often not the case. Most people’s highest assets are their retirement accounts.

You’ve probably worked most of your life putting money aside for your retirement whether it’s in a 401k, pension plan or IRA. That means your retirement savings and accounts have accumulated a significant amount and are the most valuable part of your wealth. If this is the case, you cannot overlook the details regarding how your retirement assets are divided during your divorce. You will want to make sure you are getting a fair deal. An attorney can give you the best idea of what you should be entitled to and how to get it.

Other valuable, but sometimes overlooked assets include artwork, real estate (both your primary residence and additional properties such as vacation homes or timeshares) and other investments like stocks, bonds and mutual funds.

Consulting with professionals such as a financial advisor and divorce attorney will help you get a better idea of your financial situation and help you get a fair deal during the divorce process.