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Posts tagged "assets"

5 Steps to Prepare Yourself Financially for Divorce

If you find yourself in this situation and feel divorce is your only viable outcome, you need to take the following steps to protect yourself financially. 

1. Separate your Non-Marital Assets
The dictionary would define Non-marital assets as property considered by the courts to belong to one spouse or another and that which is not available for equitable distribution. Basically that just simply means they are not part of the assets divided in a divorce. 

Understanding How Assets Get Divided In Divorce (Part 2)

It is also very important for you to know if you reside in a Community Property State or an Equitable Distribution State. There are nine Community Property States: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Community Property states consider both spouses as equal owners of all marital property (a 50-50 split is the rule).

Understanding How Assets Get Divided In Divorce (Part 1)

Dividing the family's property during divorce can be quite difficult, especially if there are significant assets such as houses, rental property, retirement and pension plans, stock options, restricted stock, deferred compensation, brokerage accounts, closely-held businesses, professional practices and licenses, etc. Deciding who should get what can be quite a challenge, even under the most amenable of situations. But, if your divorce is contentious, then this can be especially complicated.

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