Assets and Liabilities

One thing you’re gonna have to know when you talk about what you’re gonna divide up in your divorce is what your assets and liabilities are. There are certain things that are subject to division in your divorce and there are certain things that just aren’t.

The things that are subject to division are the marital home, your investment accounts, your bank accounts, retirement accounts if you’ve been married for 10 years, personal property, life insurances that have values. Things that are not divisible are items that you owned prior to the marriage, inheritance, or gifts.

Now, as far as your retirement is concerned, if you have retirement that has been accrued before the marriage, that’s not divisible. If you have retirement that’s accrued during the period of time that you’re waiting to get divorced, that’s not divisible.

So, those things are pretty important to know. It’s also pretty important to know what the values are of all the assets that you have. For instance, you’re gonna want to know how much your marital home is worth. If you have any real property, you’re gonna want to know what that’s worth. Because what the court’s gonna do, or ultimately what you need to do, is you kind of want to divide things on a 50/50 split.

We’re not a community property stake, but if things have been bought during the course of the marriage, and especially if the marriage is a long-term marriage, then things are probably gonna be divided basically on a 50/50 basis. If there’s very egregious fault, sometimes one party might be hit a little harder, which means they’re gonna get less of the pie. But that doesn’t happen generally.

So you need to know what your assets are. You need to know what your debts are. And then if you want to come in, talk to somebody like myself, I’ve been doing this a long time, I can help you decide what’s the best way to divide up your assets and what would be a fair way to divide up your liabilities.

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