Divorce Asset Inventory: Three Ways You Can Take Stock of Your Belongings

 Posted on March 11, 2017 in Property Division

Among the many concerns spouses have throughout the divorce process, it is no surprise that a significant anxiety that often plagues those undergoing a split is worry over finances. Depending on your income, earning potential, employment situation, and the belongings you and your spouse have acquired over the course of your marriage, that worry may be severely compounded when children are added to the equation or when there is a drastic difference in your debt to income ratio.

Plan Ahead When Possible

Whatever your financial circumstances as you work through the end of your marriage, you will need to come to grips with your situation sooner, rather than later. It is imperative to obtain a snapshot of your finances in order to work with your attorney, financial planner, and accountant to plan for and create financial security for yourself following the divorce. Doing so requires a full inventory sweep of your financial obligations and assets.

Here are three ways you can take stock of your belongings when your marriage ends to ensure you are fully informed of which rights you may be entitled to:

1. List common assets - First and foremost, make a list of the most common types of assets, such as vehicles, property, and bank accounts. List out not only what you own outright but also what you owe, and the names listed on the deeds and titles. Under the law, any property you or your spouse acquired throughout the duration of your marriage is considered marital property, meaning its division is up for deliberation in court.

2. Collect investment details - You also want to manage any investment details when taking stock of your financial standing at the end of your marriage. This means gathering any information you can find on any employee compensation plans you are tied to. For example, any retirement plans or pensions are considered investments, as well as life insurance policies, stocks, and brokerage accounts.

3. Tally up miscellaneous valuables - There are many other important assets you may want to take stock of as you wade through the divorce process. These can include everything from personal items that hold sentimental value to you, like artwork or special furniture, to intellectual property and premium club memberships. Consider anything and everything that is special or valuable to you on some level. These are things that many spouses often end up missing out on when negotiating and arranging settlements.

Contact a Kane County Divorce Lawyer

Dealing with the financial aspect of divorce can quickly overwhelm even the most well-informed divorcee, but no one can ever truly prepare for such a life-changing event. Working with a competent, skilled Kane County divorce attorney can help steer you in the right direction and understand your rights and options where assets are concerned. Call the Goostree Law Group today at 630-584-4800 for a free consultation.

Sources:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#3d50c50e1195

http://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm