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.