As you and your spouse go through the process of getting a divorce in Missouri, you will be faced with many important decisions regarding your future. Often, these critical choices involve topics related to who will have full custody of your children, if you or your spouse will be required to pay alimony, and how your shared assets will be split. When it comes to dividing property and financial assets, chances are you will not be able to maintain full ownership of these things, but you may be able to split the benefits with your ex.
While there are many different categories that can be considered assets depending on who you ask, Fidelity Investments shares several common ones that you and your ex may need to consider during divorce proceedings. These include the following:
- Retirement accounts
- Your home or other shared property
- Insurance policies (home, auto, health and life)
- Social security
- Taxable investments
Once you and your ex begin to make decisions about who gets what, and which other assets will be sold off entirely, you can begin to plan your future and identify which areas will require your attention to compromise for the changes that are taking place. If there are things you choose to keep, such as your house, be sure that you carefully assess your financial situation to determine that you can continue to pay all of the bills associated with that investment. For example, expenses such as property taxes, mortgage payments, insurance and general maintenance and upkeep.
The information in this article is intended for educational purposes only and should not be taken as legal advice.