Building a life together as a married couple also entails combining finances. Dividing up marital property is a major aspect of divorce, one that many couples have a hard time accomplishing. Even it is clear what is and is not marital property, you might still face challenges during the negotiation process if your ex disputes your claims.
Then there is the matter of less obvious assets. According to Kiplinger, many couples overlook the following hidden assets during divorce. Accounting for all shared assets makes the division process more fair and equitable.
Cryptocurrency, such as bitcoin, is an attractive investment vehicle for many people. Dividing it during a divorce is often complex, since its value frequently fluctuates. Many couples seek the services of an experienced professional to determine the exact value. Methods for holding cryptocurrency also vary. For example, some investors hold assets on an individual level. Others choose to invest through a company, similar to investing in stock.
There are three rules that apply to military benefit division during divorce. The civilian member of the marriage can only receive a share of the benefits if the marriage lasted 20 years, their spouse served in the military for 20 years, and the marriage and service had an overlap period of 20 years.
While less common these days, state, federal, and even some corporate workers may receive a pension upon retiring. Former spouses may have a claim to a portion of the pension if it falls within the category of marital property, but you will need to determine its value by the time your ex reaches retirement. In some cases, pensions are not actually available by the time a worker reaches retirement age. This is often true when a company files for bankruptcy.
The best way to keep track of all shared assets is to compile information on them while you are still married. Know what you have and where it is, so you can present this evidence to your legal team when it comes time for asset division.