One part of the divorce process is the division of the parties’ assets. Assets can be tangible, like homes, cars and jewelry. They can also be intangible, like stocks and retirement accounts. For many Manchester residents, knowing what one owns with their partner and on their own may require some investigation and research.
That is because as a couple’s wealth increases, the quantity and value of their assets may change. They may open new investment accounts or may shift financial resources to find more lucrative opportunities. As money moves and grows, it can be harder to keep track of it without deliberate records.
During a divorce, the parties must disclose their assets so that a fair division of property can be made. However, when parties conceal or attempt to hide assets from each other, the honest parties may emerge disadvantaged from their divorces due to the dishonesty of the others. Keeping records can help individuals protect their property interests during divorce proceedings.
What to keep track of before a divorce
What a person should track before their divorce will depend on how and where they and their soon-to-be ex use their money. They should keep records of their savings, checking, retirement, and investment accounts. They should note any funds that they benefit from, and they should record details about life insurance policies, annuities, and other financial devices they own.
All tangible property and real property should be noted as well. Homes, rental properties, vehicles, artwork, collections, jewelries, and other items of value should be inventoried and potentially valued prior to a property division pursuant to a divorce.
Why records matter during a divorce
Hidden assets are a real problem in some high asset divorces, and the deceit of one party in a divorce can have long-term effects on the financial viability of the other party. Records create a paper trail of assets that individuals and their lawyers can follow to determine what property should and should not be included in equitable division proceedings. To learn more about property, hidden assets, and divorce in general, readers should contact their trusted family law attorneys.