When you get a divorce, you have many important decisions to make. For example, you may have to divide your assets. You will need to take some measures to protect your large assets and properties. The following are some of the most important assets you may have along with steps you can take to ensure that your financial future is safe.
When you get a divorce, you need to be certain that your retirement accounts are safe. This includes pensions, survivor benefits, and individual retirement accounts. Many divorce settlements require both spouses to divide their retirement accounts if both contributed to them during marriage.
This division of the accounts is especially important when you look at how much you each chose to contribute. For example, let's say that you and your spouse have your own retirement accounts you contribute to each month.
Let's also say that your spouse had a retirement account with a significantly higher balance than yours. So, instead of contributing extra money to your own account, you choose to put more of your money into your spouse's account for a higher payout when your spouse retires with the plan to share the money later in your married life.
However, your life changed and you decided to divorce. If you did not contribute to your own retirement accounts because you thought it best to contribute to your spouse's account, you will not have as much to retire with because a lot of your money went to your spouse's account instead of your own. This is why retirement division is so important. Talk to your divorce lawyer for help in making sure you get the retirement money you deserve.
Your Family Home
Your home is one of your most expensive purchases and is a very large asset to deal with in a divorce settlement. Although you likely have an emotional attachment to your home, you need to think carefully about how it affects your financial future.
First, consider whether or not you should keep the home. If the market is really strong in your area and you have a lot of equity in your home, selling your home and dividing the equity between the two of you will be most beneficial.
If one of you gets the home in the divorce settlement, you will have to refinance the house in your own name. You will then have to pay your spouse his or her half of the equity. Also, keep in mind that if you take the home, you need to be certain you can afford not only the mortgage payment but also all the other expenses which go along with owning a home.
Your Bank Accounts
Your bank accounts, including checking, savings, and investment accounts, also need to be dealt with in a divorce. Once your divorce is final, you will have to liquidate those accounts to divide them if ordered to do so in your divorce decree.
One thing you need to remember is that bank accounts are easy to liquidate, unlike retirement accounts. If your spouse is vindictive or you have concerns that something could happen to the money, you need to take measures to ensure that the accounts do not suddenly become empty as your divorce moves along. Speak to your attorney for specific protection methods to safeguard your accounts.
If you need help with your assets during divorce, please contact The Law Office of Cicily Simms. We specialize in family law and work diligently to make sure we represent you fairly. We have years of experience and expertise, and we help our clients make the best decisions for their circumstances. We want you to be happy with your outcome.