If you and your spouse are heading for a high net worth divorce in Connecticut or New York, you might be feeling overwhelmed by figuring out which of your assets are divisible property.
Connecticut and New York are both equitable distribution states, which means that only property acquired during your marriage is subject to division with your spouse. Here are four assets you should keep in mind during the property division stage of your divorce.
1. Businesses
If you or your spouse started or acquired a business during your marriage, you should present it for property division. Often, disputes arise over the actual value of a business, so arranging for a third-party business valuation can help you avoid conflict. Business valuations take into account factors like location, income and growth potential.
2. Vacation homes or rental properties
Vacation homes or rental properties acquired during your marriage are also subject to division with your spouse. If you or your spouse inherited real estate, however, it may be separate property and not eligible for division.
3. Investment accounts
Transparency is essential in asset division. Whether or not your spouse knows about your investment accounts, you should still bring them to light. These investments include stock, savings and retirement accounts, as well as cryptocurrency wallets.
4. Collectibles
You should also bring valuable collectibles forth for division. Examples of these collectibles include collectors’ cars, baseball cards and jewelry.
When you plan to include these things in your asset division, you can maintain transparency and avoid stressful surprises when you split with your spouse.