Fusion 360
Forever and ever, till death do us part. These words only go so far. What was once “ours” can quickly turn into “mine” and “yours” when a couple decides to get a divorce. The easiest part is choosing not to live together anymore — but that is only the beginning. Separating your lives becomes a whole new ball game, especially if there are children and assets involved. Here are some of the most commonly debated assets that are contested during a divorce.
Clearly, if one spouse or the other owned the house prior to the marriage, there is a good chance they will end up with it as part of their settlement. However, this is not always the case. If your divorce planning requires compromise, your home might not be on the top of your priority list.
Again, you can be fairly sure you’ll end up with whatever car you took into the marriage. If you purchased a vehicle together after you were married, then it is considered a joint asset and will have to be discussed.
This might include investments like stocks or bonds, or other savings are commonly fought over. Finances is one of the top reasons for divorce.
This could be inherited items like art, China or jewelry.
Your spouse might feel entitled to a portion of your retirement if you were married for a long time.
If you had a family boat, it could still be worth a lot of money.
Recreational vehicles are highly sought after, not only for value but because one party enjoys them more.
This may include your home, but would also include other investment properties like a rental home or cabin.
This can prolong the divorce the longest.
At York Howell, our sole focus and objective is to provide the best estate, tax, business and asset protection planning in the Intermountain West.
Fusion 360 is a group of writers and marketers in Salt Lake City providing content for local businesses.
