High-asset divorces often involve multiple properties as well as assets such as stocks, bonds and retirement accounts. For people involved in these divorces, making sure they split their assets equitably, not just equally, is essential.
When you bring items into a marriage, those items, unless commingled, remain separate property. If you purchase items during your marriage, the majority of those items will be considered to be marital property. Anything, even interest on property you owned in the past, could be marital property in the right circumstances.
How can you protect your assets in a divorce?
The first thing you can do to protect your assets is to make sure you identify them all. If your spouse finds assets that you don’t, they will be disclosed during the divorce, but you could still overlook items that would likely be worth a valuable amount of money.
Some commonly overlooked assets include:
- Artwork, either produced by someone in the marriage or bought during the marriage
- Inheritances that have been commingled
- Retirement accounts
- Stocks and bonds
It’s a good idea to compare your list of assets to your spouse’s when possible. You should also pull credit reports and make sure you’re tracking down every asset that you think is still within the home. If you can, list out your assets before you seek a divorce, you may be able to access documents more easily, which is best for everyone.
Our site has more on what you need when you seek a divorce. A list of assets is just one thing you should have to protect your interests.