When you're going through a divorce, stress can make it difficult to focus on important information—such as finances. That lack of focus may come back to haunt you during the settlement negotiations. If you're in the process of a divorce, it's important that you pay close attention to your finances, particularly the assets that you and your spouse share. Paying attention to your assets will help ensure that they're divided fairly in the settlement. Here are some assets that you might have forgotten about.
If your spouse has been investing in a retirement account, you may be entitled to a portion of the proceeds from that account. Before you sign off on the division of assets, you need to make sure that the value of that retirement account is documented in the settlement agreement. If there are more than one retirement account, be sure to document the value of each account.
Investment accounts are another type of account that might be overlooked during divorce proceedings, especially if they're long-term investments that have not yet reached maturity. Regardless of whether your investments have reached maturity, they need to be included in the settlement agreement. This is particularly true if the investment accounts were created during your marriage. Investment accounts include Certificates of Deposits (CDs), stock options, or profit-sharing plans. If you and your spouse have any of those in your investment accounts, you need to let your divorce attorney know as soon as possible.
Life Insurance Policies
Your life insurance policies are another asset that you might forget about during divorce proceedings, especially if you didn't realize that they have a cash value. Most whole life policies have a cash value attached to them, which could generate additional assets for you in the settlement agreement. If you're not sure whether your life insurance policies have a cash value, talk to your attorney. They'll be able to help you determine the actual value of your policies.
If your spouse has any collections, you should include them on your assets list. Many collectibles have a cash value, especially collections such as trading cards or other rarities. Document each type of collection that your spouse has, and include those when you disclose the marital assets.
Now that you're going through a divorce, you want to make sure that the assets are divided fairly. Use the list provided above to help you identify your benefits that should be divided. Be sure to make copies of all financial documents before your divorce. If you'd like to know more, check with an attorney like those at Madison Law Firm PLLC.