Knowing Your Assets

Knowing Your Assets and Its Importance

Division of Assets can be a difficult process and in this stressful process of a divorce there are things that can get overlooked and result in a long-term impact if they are "forgotten". Working with a professional mediator ensures that these assets don't get missed. Call me today for a FREE Consultation!

Important Assets to Protect in a Divorce

Over the course of a marriage, there are many possessions acquired that need division of these assets as part of the divorce settlement. Some of these properties can include:

These decisions can be confusing and challenging and may have long-term effects on the choices made. Having a professional mediator is recommended to reduce stress and provide fair results to both parties.

Home Ownership

There are several options in regards to home ownership options. Some of the common ones include:

Co-Ownership - Typically this option is selected when both spouses decide to keep the house to provide stability for the children.

One spouse keeps the home - The spouse keeping the home buys the spouse out and refinances to remove the other spouse from the mortgage.



The house is sold - Ex-spouses work together during the course of the sale and split the proceeds according to the divorce terms.

Retirement Accounts/Pensions

Transferred to one spouse - If the judge rules that this is transferred to one account it is typically simple by changing the name on the account.

Division of Accounts - This process can be complicated and needs special attention so that the divided account doesn't trigger any tax payments or penalties. The account holder should communicate to the financial institution that dividing the account is a transfer as an incident to divorce. Documentation may be required by the financial institution.

Pension Plans - QDRO (qualified domestic relations order) should be requested from the court. This document will outline the judge's division order and facilitates the process while bypassing taxes and fees.

Financial Accounts

Financial Accounts include:



• Deferred Employer Compensation
• Annuities
• Stock Options
• Bank Accounts

Business Interests

Determining the value of the business's current value and future value may require a professional evaluation.

Spouses with equal ownership - One may buy the other out.

One party works in the business - That one party must impart a portion of its value to the other but will typically retain proprietary control.

For businesses with potential rapid growth - A long-term payment schedule that adjusts accordingly to the actual business income is an option to explore.

Property With Special Meaning

Special Meaning can include:



• Heirloom Items 
• Inherited Property

The parties should come to an agreement as to who retains this "community property", otherwise, the judge will determine the split.