One of the most common challenges of getting divorced is dividing your assets between you and your spouse. You’ll need to consider shared bank accounts, credit cards and retirement accounts in addition to other property that you own in Wisconsin or another state.
Most common assets to consider
Real estate properties, income properties and vacation properties need to be divided. Cars, trailers, motorcycles, boats, and other types of vehicles are also considered assets that are shared between both of the spouses.
Hidden assets that many couples overlook include restricted stock units, military benefits and bitcoin or other cryptocurrencies. You’ll need to track all your assets and how they’re owned.
How to protect your assets in a divorce
If you want to protect your assets in a divorce, it’s important to choose the right business entity if you own a business. Professionals recommend switching the business to an LLC to protect your assets.
You’ll want to identify all your assets while claiming what is yours and take a video or photos of everything. Clarify everything that is in your name and what assets belong to your spouse. You’ll need to obtain copies of all your financial documents as well as get everything in writing. Don’t rely too much on electronic documents because you can easily be locked out if your spouse changes the passwords.
It’s also important to understand the laws in your state to determine if everything will be divided 50/50 during the divorce. Property owned before the marriage or given as a gift isn’t always considered shared between both spouses.
Who can you contact for legal assistance?
If you need legal assistance dividing your assets during divorce, contact a legal professional. An experienced divorce lawyer may be able to help protect your assets and fight for what is yours. They may also assist you in similar matters like alimony and child custody as well as provide mediation while negotiating with your spouse.