As you prepare for the divorce process, a lot of your attention will turn toward property division. The way this unfolds will determine how you live in the future.
Most people focus on the most important and valuable assets in their life, such as bank accounts, motor vehicles, the family home, and retirement accounts.
While all of these assets are extremely important, many others often fly under the radar. Here are three that you don’t want to forget about in divorce:
Personal items: This includes many of the valuables that you keep in your home, such as electronics, collectibles, furniture, guns, and antiques.
Business assets: Don’t assume that your soon to be ex-spouse has no right to your business assets, which can include things as valuable as bank accounts and equipment.
Life insurance: If you have a life insurance policy, you’ll want to keep it post-divorce. However, there may be a sticking point: Cash value. Also, at the applicable time, change the beneficiary of your life insurance policy so that your ex doesn’t receive the death benefit upon your passing.
The best way to protect your assets in a divorce is to create a property division checklist. Not only does this outline all your assets, but you can also assign a value and denote if it's separate or marital property.
When you have a clear idea of all your assets, it’s easier to prepare for the divorce process and protect your legal rights. It also allows you to better focus your negotiations, and that can help you feel much better about your financial circumstances in the future.