Creating a detailed list of all your assets, from real estate to retirement plans, can help simplify the property-division process during divorce.
When you start to make a list of your assets, make sure to include all of the following items owned by you and your spouse – both individually (separate property) and together (marital property). Use the “Asset Worksheet” to help you complete this task.
- Financial Accounts/Investments: including bank checking and savings accounts, certificates of deposit (CDs), mutual fund accounts, stocks, bonds, and other financial investments
- Pension and Retirement Plans/Benefits: including profit-sharing plans
- Cash-Value Life Insurance Policies and Annuities
- Trusts: especially trusts where you are a/the beneficiary
- Real Estate: including the marital home, vacation homes, and investment properties
- Vehicles: including cars, trucks, motorcycles, motorhomes, boats, ATVs, etc.
- Household furniture and appliances: bear in mind that unless your furniture is a valuable antique, you’ll be getting garage-sale prices for all of these – even that 60” flat-screen TV
- Valuable Jewelry, Art
- Collections and Memorabilia: including gold and silver coins, stamps, comic books, sports memorabilia, etc.
- Expensive Power Tools
- Country Club, Golf Course, and Other Memberships: these can be worth thousands of dollars
- Expensive Hobby or Sports Equipment
- Businesses: including any ownership interest you or your spouse has in of a business
Here are some frequently-overlooked assets:
- Stock Options
- Retained Earnings
- Deferred Bonuses
- Vacation Pay
- Benefits from Previous Employers
- Tax Refunds (from joint returns)
- Capital Loss Carryover
- Property Tax Reimbursement
- Contents of Safety Deposit Boxes
- Prepaid Insurance Premiums
- Frequent Flyer Points
- Credit Card Reward Points
- Season Tickets
- Timeshares
- Prepaid Professional Dues
Ask your financial professional if you’re unsure which of these apply to your situation – and whether they are significant enough to worry about.
For more information about assets and divorce, please go to www.divorcemag.com/property-division.