Marital Assets: Which Ones Should You Consider Keeping
Not couples who file for divorce fight over the simplest of things. In fact, divorce lawyers could attest that some couples enjoy working together to find the settlement in the divorce. Not all cases of divorce are due to unresolved issues between couples. There are some who just choose to go their separate ways because they are no longer happy with their current marital condition. And yet, amidst all the hopeful assumptions that the divorce will bring more peace into their relationship as oppose to staying together, divorce lawyer’s advice their clients not to be too eager to settle for just anything.
The first step to discussing marital assets and finding settlement is making sure that you make a list of all the properties including bank accounts that are considered marital assets. Your list should include the following:
- Jointly owned real estate
- Owned vehicles
- Separately owned real estate
- Personal property of significant value such as jewelry, electronic gadgets and the like
- Bank accounts including savings and checking accounts.
- Bonds and other financial investments
- Retirement and mutual funds
- Business ownership and other business investments and interest
- Life insurance coverage
- Outstanding tax reports and expected refunds
- Debts including credit card balances, car loans, and home mortgage
The list covers everything that is considered important and valuable. Sometimes, the value of the object does not depend on its monetary value. When there are things that the couple owns that they consider useful to them for whatever reason they may have, such items shall also be included in the list. Both couples must agree on all the items covered in the list before discussions of who keeps what commences. It is important that both couples are on the same page to ensure smooth discussions concerning their marital assets and the settlement of their liabilities.
As part of the divorce process, couples must discuss the separation of their assets and their liabilities. It is important to think carefully about the assets you choose to keep. Expert divorce lawyers in Edmonton would often step in at this point, to give you sound advice as to what could be a better choice. What they consider is not only the current market value of the properties. They also put into account the tax implications that it might have today and in the future. They also consider the market value that the
To be able to get the most out of the division of assets, make sure to consult your divorce lawyer about it. They will know what to do.