Separating from your spouse is, understandably, a complex process. However, in the confusion that is often associated with a divorce, it is important to make sure you don’t overlook any important assets or necessary decisions. Working with an attorney or mediator is one way to limit the risk of disregarding a crucial element in your divorce, but it is important that you also remain aware of the decisions being made in your divorce and discuss any assets or debts you know of that have yet to be discussed.
The following list highlights some of the things most commonly overlooked in a divorce, so you may want to make a special effort to discuss them with your attorney or mediator:
- Wills – Although your will may not be used for many years, it likely has your spouse listed as a beneficiary or trustee for your estate. Because wills are often put out of sight and out of mind, they may be overlooked in the divorce process. It is important though that couples take the time to re-work their wills according to the way their life is changing, especially if one spouse remarries.
- Retirement plans – Much like wills, retirement plans may not be on the forefront of a person’s mind as they prepare to separate from their spouse. However, these accounts are assets that must be included in the divorce process in order to ensure that each spouse gets access to the money they have saved.
- Time shares – Time shares and other rarely used investments may not be brought up in the list of initial assets up for division, but they are important properties that must be considered during a divorce.
- Debt – Debts incurred by couples during their marriage may also have to be sorted through in divorce proceedings. These financial obligations are not physical objects, so they are sometimes overlooked, but ensuring that these debts are fairly divided is critical to securing financial independence after a divorce.
- All Joint Accounts – Bank accounts, insurance policies, leases, and other joint accounts will need to be separated during a divorce, and for couples with multiple shared accounts, some accounts that are used less frequently may be overlooked. Additionally, people will not want to overlook security deposits that will be returned to one or more people once an account is closed.
Every couple will encounter unique challenges as they work to finalize their divorce. It can be difficult to take on these difficult tasks alone, but fortunately, there are many experienced legal professionals available to help couples make sure they work through all necessary procedures. If you have questions pertaining to your own separation, please do not hesitate to contact a lawyer or professional mediator today.
Author Bio: Nancy Tran blogs regularly for Denton divorce lawyer, Karen Alexander. She is interested in and frequently blogs on a variety of family-related topics such as adoption, divorce and family law, and green living.