Richard E. Fowlks, Attorney at Law

4 assets you may need to split in a divorce

Once you decide to divorce, it won't be too long before you begin to wonder what will happen to your many assets.

While it's important to think about matters of property division, there's something you need to know: Your soon-to-be ex-spouse is probably doing the same thing.

For this reason, you can rest assured that you aren't going to walk away from your marriage with everything.

Here are four potentially valuable assets that you will probably need to split in a divorce:

  • Your marital home: There are many ways to split this in divorce, such as by selling the property and splitting the proceeds down the middle.
  • Your car or cars: Just the same as the house, you can sell your car and split the proceeds. If this doesn't work, one spouse may get to keep the car but will have to compensate the other for doing so.
  • Household items: From furniture to electronics, these items almost always come into play during a divorce.
  • Retirement accounts: From a 401(k) to an individual retirement account (IRA), you need to look into the best way to split retirement accounts. It may not impact you now, but it will definitely change your life in the future (such as when you decide to retire).

While these are among the most common assets that need to be split in a divorce, they are far from the only ones. You have a lot to think about during your divorce, but don't sweep matters of property division under the rug. You need to understand your legal rights and fight to keep what's yours.

Source: The Motley Fool, "How to Split These 7 Assets During a Divorce," Maurie Backman, accessed May 11, 2018

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