When you get a divorce, you need to figure out how to divide the things that you shared as a couple. One of the things that needs to be done is dividing assets. Here are some tips to help you when you need to know how to divide assets in divorce.
Steps
Find out if your retirement plans are subject to asset division.
Depending on your state of residence, portions of your retirement plans can be considered marital property. Since this is a large asset, it is best to consult a professional about how to divide this. You can seek advice from your retirement plan advisor, an attorney or your tax consultant. You should find out the plan's value by an expert and also find out how you can divide the plan according to your state laws. There may be penalties or tax consequences involved if you divide the plan so be sure to find out about that before making any decisions.
Schedule your securities to be valued.
You will need to pick a date to have any stocks, mutual funds, CD's or money market accounts to be valued. Once you have done this, you will need to figure out whether or not you want to keep the accounts as is, or sell them and split the profits.
Check for the current value on any jointly owned vehicles, boats, RV's or motor homes.
Many times in divorce, both parties will just keep their own vehicles but there may be other circumstances that prevent you from doing it this way. You can check Kelley Blue Book for the current value on all your vehicular assets. If you have a leased vehicle, it may not be worth much; you will have to determine the balance of the loan to see if it is worth dividing. You can also opt to sell some of your vehicles and split the profits.
Decide what percentage of any bank accounts will go to each spouse.
Checking and savings accounts are worth whatever their balance is. Decide how you want to divide your account and check with your bank about taking your spouse's name off the account, or opening another account in your name only.
Divide up the household items.
You will also need to divide up everything in your home. This includes kitchenware, furniture, electronics, jewelry and collectibles. Some of it may not have much monetary value but you will still have to figure out which spouse gets what. If it becomes a struggle to figure it out, or the items that are worth something prove hard to divide equally, then you may have to have your legal counsel moderate. You can also sell off some of the items and divvy up the profits.
