You're going through a divorce and an attorney, like the ones at Karp Law Offices, has told you to document the worth your family's assets. You can only think of the cash you have in your checking account. If you leave it at that, you're going to be doing yourself a huge disservice. Take a step back and think of all the other assets you and your spouse share. If you're still having a difficult time, here's a list of the assets you should be including in your documentation.
All Savings Accounts
You opened savings accounts for your children but you and your spouse still access the money from time-to-time. If the accounts aren't in your children's names, the money should be listed as an asset on your financial disclosure forms.
Personal Cars
If you and your spouse own vehicles that are paid for, you should include their market value in the financial documents, especially if the assets are going to be divided evenly. If your cars are not evenly valued, it might be worth it to you to sell them both and split the proceeds, especially if your car is worth less than your spouse's car.
Investments
The investments that you and your spouse have been making are also considered assets when it comes to your divorce. If you've been making investment purchases, you're entitled to a portion of the value of those investments.
If you live in a community property state, such as California, you're entitled to half the value of those investments. Be sure to include every investment you and your spouse share. This includes investments such as jewelry and fine art.
Deferred Accounts
Does your spouse have retirement accounts? If your spouse is employed in a career that provides retirement – such as law enforcement, military service or education – you may be entitled to half of the benefits once your spouse reaches retirement age. Other types of deferred accounts include:
Recreational Vehicles
In addition to the personal cars that you and your spouse own, you also own motorcycles, boats and jet skis. Those are considered assets. Be sure to list them on the financial documents you give to your attorney. Those recreational vehicles can be sold so that the money can be divided between you and your spouse. You can also choose to divide the vehicles, so that each of you can continue to benefit from them.
You want your fair share of the assets from your marriage. Don't shortchange yourself by overlooking key assets from the marriage. This list will help you keep track of the assets you should be including with your financial forms.
Share26 August 2015
There are so many legal situations that you can find yourself involved with, but do those situations really require that you hire an attorney? Some instances you may not need an attorney working with you, but in other situations, an attorney is definitely a necessity. This blog contains tips and advice for working through the different elements of the legal system. You will find information that can help you determine if/when you need to hire an attorney to represent your best interests. Knowing this information can help you avoid the costly mistake of taking on the legal system without someone who knows how the system works.
