What assets can be crucial during the divorce?

On Behalf of | Jul 2, 2024 | Divorce and Family Law |

In theory, ending a marriage can be straightforward, but the process can be more complex based on you and your former spouse’s circumstances. If you own many assets together, the property division step can take longer, especially if you have disagreements that can escalate into severe conflicts.

When dealing with these issues, the law has provisions to divide property fairly. Still, there are specific asset types that can be crucial, considering married couples usually share them and can be more challenging to address, including the following:

  • Joint bank accounts — These assets are typical among married couples, so they should be your and your former spouse’s priority. Organizing and discussing these accounts can be vital, whether to divide or close them appropriately.
  • Debt and diverse types of loans — Any debt, including credit cards and loans, can be shared between a married couple. When divorcing, you should revisit the relevant agreements to sort out the debt you share with your former spouse, allowing you to decide what to do about them, such as paying them off separately or keeping them as is.
  • Investment accounts — These assets can be more challenging to manage, considering they are usually illiquid and have changing values over time. Accounts meant as investments or retirement funds can require the help of a financial professional who can help factor in accompanying costs if you and your former spouse plan to liquidate before dividing them.
  • The family home — The mortgage tied to this property is often under the married couple’s names. If so, you and your former spouse can discuss your intentions and whether you plan to keep or sell the home. The most appropriate option can vary, so it is vital to communicate preferences before deciding.

Other types of assets can also be vital based on their values and details.

Understanding how property division works

Many state law provisions and rules can apply during property division, warranting experienced insight from a professional. Adequate legal guidance can also help dispel misunderstandings and determine options to accommodate any need or scenario.