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How to Handle Your Assets & Debts During Divorce

How to Handle Your Assets & Debts During Divorce

Getting through divorce is hard for most couples, especially when it comes to separating finances and property. If you are getting divorced but don’t know what you need to do to ensure the best possible outcome, you should consider the following things:

List Your Finances

If you want to reach a fair divorce settlement, you need to understand all of your finances. Make a list of all your assets and debts, including those you both share. Your list should include the following assets:

  • Personal bank accounts
  • Joint bank accounts
  • Credit cards
  • Retirement accounts
  • Marital home
  • Vacation home
  • Incomes properties
  • Cars
  • Motorcycles
  • Boats
  • Retirement funds
  • Stocks
  • Life insurance accounts
  • Antiques
  • Paintings
  • Jewelry

You should also write down the following debts:

  • Personal loans
  • Car loans
  • Credit card bills
  • Equity loans
  • Home loans
  • Medical bills
  • Student loans

Determine the Value of Your Property

After you have compiled your list of assets and debts, you need figure out how much everything is worth. It is important to note that fair market value (FMV) of your property is not the amount you paid for it, but how much you would likely get for the item if you sold it. You can use websites like Zillow.com or Redfin.com to assess the value of real estate property. For motor vehicles, you can use the Kelly Blue Book to find the fair value.

Speak to an Experienced Family Law Attorney

Each couple has a different financial portfolio, which is why you should consult with our team of dedicated lawyers at Fitzpatrick Mariano Santos Sousa P.C. We can review the details of your situation and explain all of your options under the law. We know how difficult divorce can be, and with the help of our legal professionals, you can rest assured that your best interests are fully protected.

Call us today at (203) 583-8299 to schedule your free consultation with a member of our team.

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