When many Minnesota couples divorce, they may be so focused on getting the process done with quickly and overlook important assets that need to be divided. Although many focus on tangible assets such as houses and cars, there are many other types of assets subject to property division. Here are some things divorcing couples should know about so they can better position themselves to fight for an agreement that works in their favor.
Besides savings accounts, don’t forget about other types of income, such as stocks and bonds. If a spouse worked for a long time, he or she may also have a pension plan, 401(k) or IRA that would be subject to split in a divorce. If a spouse owned his or her business, the valuation could be split between the spouses.
Some couples have vacation homes or rental properties that they rent for extra income. These would be split in a divorce, as would any cars, trucks, boats, RVs, motorcycles or other vehicles. If one spouse primarily stayed home to raise a family, then he or she could receive compensation for contributions made to the marriage. Lastly, don’t forget about any other property obtained during the marriage. This may include home furnishings, electronics, dinnerware, artwork, jewelry, antiques and collections.
Divorce is complicated, especially when a couple has been married for decades and has acquired numerous assets. After a divorce, a person needs to think about the present and the future in terms of finances. A divorce lawyer can work in a person’s favor and help discover assets that he or she might not know exist.
Source: FindLaw, “Checklist: Issues To Discuss With Your Divorce Attorney,” accessed Feb. 15, 2015