Top 10 Common Assets Divided In Divorce
Gig Harbor asset division in divorce is can be complicated and incredibly emotional when enduring the divorce process. At Robinson & Hadeed, we understand the challenges that dividing assets can present. To help you better understand this process, we’ve compiled a list of the top 10 common assets that are typically divided during divorce proceedings. From real estate to retirement accounts, we’ll explore these assets and provide insights to guide you through this important aspect of your divorce.
- Real Estate
The family home is often one of the most significant assets in a divorce. Determining what to do with the marital home can be a complex decision, with options ranging from selling the property and splitting the proceeds to one spouse buying out the other’s share.
- Retirement Accounts
Retirement accounts, such as 401(k)s and IRAs, are subject to division during divorce proceedings. These assets accumulated over years of hard work, and understanding how they will be divided is crucial for securing your financial future post-divorce.
- Bank Accounts
Joint bank accounts, savings accounts, and other liquid assets are typically divided during divorce. Determining how to fairly split these funds can depend on various factors, including each spouse’s financial contributions during the marriage.
Stocks, bonds, and other investment portfolios acquired during the marriage are also subject to division. Valuing these assets accurately and equitably dividing them requires careful consideration and, sometimes, the assistance of financial experts.
Cars, boats, and other vehicles owned by the couple may need to be divided during divorce proceedings. Determining the value of these assets and deciding who gets which vehicle can be contentious, but it’s essential to reach a fair resolution.
- Personal Property
Divorcing couples will also need to divide personal property that has been acquired during the marriage, for example: furniture, artwork and other personal items. While these assets may not have significant monetary value, their sentimental value can make the division process challenging.
- Business Interests
If one or both spouses own a business, determining how to handle these assets during divorce can be particularly complex. Valuing the business and deciding whether to sell, buy out, or continue co-ownership requires careful negotiation and possibly the involvement of business valuation experts.
Just as assets are divided during divorce, so too are debts. Mortgages, credit card debt, and other liabilities acquired during the marriage must be allocated between the spouses fairly and equitably.
Pensions earned during the marriage are considered marital assets and may be subject to division during divorce proceedings. Understanding the complexities of pension valuation and division is essential for ensuring a fair outcome.
- Life Insurance Policies
Life insurance policies with cash value may be considered marital assets and subject to division. Determining the value of these policies and deciding how to divide them requires careful consideration of each spouse’s financial needs and obligations.
Navigating Asset Division In Divorce
With the right guidance and support, it’s possible to achieve a fair and equitable resolution when navigating the challenge process of navigating Gig Harbor asset division in divorce. At Robinson & Hadeed, we’re here to help you through every step of your divorce journey, including the division of assets. Contact us today to schedule a consultation and learn more about how we can assist you during this challenging time.