How to Ensure You Take a Complete Inventory of Your Assets During Divorce

 Posted on May 20, 2020 in Division of Assets

When you first begin the divorce process, you will likely be advised to come up with a list of issues that matter the most to you -- the ones that you are adamant about fighting for. What is on that list? For some people, their finances are at the top of their list of concerns. The way your finances are handled during your divorce could significantly impact your financial situation after the fact and for years to come.

The first step in successfully managing your finances during your divorce is taking an actual inventory of everything that you and your spouse own. This includes both physical items such as vehicles and jewelry and immaterial items, like bank accounts or retirement funds. Ensuring you have an accurate picture of your financial situation before any decisions are made is crucial. Here are a few tips to help you inventory your assets:

Make a List of Common Assets

Firstly, make a list of any assets that you and your spouse both have ownership to. This should include both physical and immaterial items that are considered marital property and subject to division during the divorce. Physical items can include things such as real estate, vehicles, artwork, or other important and/or expensive assets. Other items that you will want to include on the list are things such as bank accounts, retirement accounts, gym memberships, airline miles, or other immaterial items.

Note Assets That Are Not Marital Property

Next, you should make a note of any assets that you own that are not considered marital property. In Illinois, anything either spouse acquires during the marriage is considered marital property and therefore subject to division upon divorce. There are exceptions to this rule that exclude property acquired by legacy, descent, or gift. Property acquired prior to the marriage is not marital property.

Collect Details for Any Common Debts

During the asset division process, most people are concerned about what they are getting out of the divorce. What they do not consider is that you must also divide any debt that you and your spouse hold jointly. The most common types of joint debt that divorcing couples have are mortgages, vehicle loans, and consumer debt, such as credit cards. List all of the types of debt you and your spouse have, how much those debts are worth and whose names are on any deeds or titles.

Discuss Your Finances with an Elmhurst, IL Divorce Lawyer

Getting a divorce is a complicated process that can affect your financial standing for the rest of your life. At Weiss-Kunz & Oliver, LLC, we work with our clients closely during the asset division process and help them negotiate a favorable divorce settlement. Our DuPage County divorce attorneys are here to answer any questions you may have about your finances or how to divide them. To schedule a consultation, call our office today at 312-605-4041.

Sources:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#79271ef11195

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59