The Law Offices of James A. Cuddy, LLC

Be prepared when financial assets hit the chopping block

We have talked about the matter of asset division before, specifically how it relates to high asset divorce. Just a couple of weeks ago, we wrote about an oil baron who was going through a divorce, and some of the assets involved in that divorce proved to be a major hurdle.

But for many people in the Connecticut area, when they go through a divorce, they aren't dealing with millions of dollars in stocks. They have more modest -- and realistic -- problems that demand solutions. Even though you may not be a millionaire or a billionaire, you can still have sizable financial assets that need to be dealt with in a divorce. So what can you do to make the process a little bit easier? What can you do to protect the assets you have garnered over time?

You need to identify your financial assets and then organize yourself so that you can address these assets during divorce talks with your spouse. You'll want to know everything about your bank accounts, your retire plans, any overseas accounts you may have, any stocks or bonds that are in your name, and even debts that you may be tied to. Along the same lines, you'll want to know all of the same things about your spouse's assets too.

Then you need to consult with your divorce attorney and prepare to negotiate over what assets are being divided, and in what way. Remember that certain tax or financial laws may apply to certain assets, meaning that you should either value or ignore those assets appropriately.

Source: Wall Street Journal, "If Divorcing, Divide Investments With Care," Lisa Ward, April 6, 2014

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