You probably do not go through life simply thinking about money all the time. In fact, even if you were a financial professional, you may not have a complete handle on your own financial state all the time. Like many people in Missouri, you probably focus on making money rather than counting it.
You don’t always have to know exactly how much you own or owe, but this knowledge could be crucial during civil court matters. Divorce, in particular, would typically require you to take a detailed account of your assets. Here are a few of the most important items you would want to consider.
The first step would probably be to establish your total net worth. Basically, you would begin by adding all of your assets, such as stocks, bonds, real estate, vehicles and retirement accounts. Next, you would subtract any debts. These debts might include your credit card bills, student loans and home loans. During a divorce, you would probably want to do this for everything both you and your spouse both contributed to, thereby establishing your total community property.
For example, real estate is typically a married couple’s largest common asset. As explained on AOL Finance, there could be many ways to split a house in a divorce. However, since your home is a unique asset, its valuation would probably somewhat complex in the first place. You would likely want to work with an appraiser to establish a dollar amount. By the same token, you might also have an accountant look at your equity and loans.
If you were not the partner who did most of the financial work in your marriage, you might be surprised at what you find. It could help to work with accounting and appraisal professionals familiar with divorce — they would usually be able to give you the appropriate context for the information you received. Please do not regard this as legal advice; it is only generalized information.