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Assets shouldn't be forgotten about during divorce

Property division is part of most divorces, and if you don't have a prenuptial agreement, anything of yours or your soon-to-be ex-husband or ex-wife's belongings could be split between you both. If you're planning on divorcing your partner or are just considering a prenuptial agreement and how to divide your property, these things are items you shouldn't forget about, according to a recent report from Oct. 16.

According to the report, divorce is usually based on the division of marital property and debts. Things like real estate, bank accounts, boats, cars, and other items may need to be evaluated for pricing, and they can become a point of argument easily. Other things you should consider looking into are investments like employee compensation plans, life insurance policies, pensions, stock options, or retirement plans. These items have to be inventoried for settlement agreements and division in most divorces.

There are other types of assets that you should consider when looking into property division as well. Things like collectibles, antiques, or even wine collections can be divided during a divorce. Your benefits from previous employers, which include stock options, retirement accounts, and compensation plans, can be divided. Even cemetery blocks are worth a fair sum that needs to be discussed during divorce, since it isn't likely that you'll want to be buried together anymore. From collections and memorabilia to gifts that you gave each other during your marriage; all items in your possession can be split during a divorce if you don't have a prenuptial agreement stating otherwise.

Financial splits and property division can be difficult to understand and agree on during a divorce, and this could be because of emotional attachments or simply because you or your ex-husband or wife doesn't want to give anything up. If you find yourself in this situation, making sure to detail your finances and investments may help.

Source: Forbes, "Divorcing Women: Don't Forget About These Marital Assets" Jeff Landers, Oct. 16, 2013

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