Do not overlook these 3 marital assets during divorce
When you are going through a divorce, there are a lot of financial issues to worry about. You may be ready to fight tooth and nail for the family home, car or boat, but there are plenty of other valuable assets that you should not forget about.
If you overlook some property or sources of money, you could be at a significant disadvantage when the time comes to divide marital assets. The following items are vital to remember so you can get your fair share of assets.
1. Retirement accounts
Retirement assets may represent a substantial portion of your net worth as a couple. According to Forbes, you should not overlook retirement accounts, especially from past employers. You may be entitled to a large cut of retirement assets. Make sure you follow special rules so that any transfers of retirement assets are tax-free.
2. Tax returns and refunds
Make sure you review tax returns for the past few years that you filed jointly. Not only will this give you a clear picture of your income, but it will also give you insight into any tax assets such as capital loss carry-forwards or charitable giving carry-forwards. Do not forget about any previous or pending tax refunds either.
3. Digital assets
Sometimes assets may not have a significant financial value, but they do hold sentimental importance. There may be pictures and videos on your phones, tablets or computers. These photographs and videos may be of important memories that you want to keep. Make sure your separation agreement includes arrangements so that you have the passwords to access any digital assets.
You should remain aware of your current financial situation and your post-divorce needs while you are dissolving your marriage. If you are not actively interested in marital finances and property, you could experience unpleasant surprises. Do not miss out on these assets during property division.