As you approach the property division phase of your divorce, you no doubt think about the task of dividing the marital home, your vehicles, perhaps a boat and similar assets.
The financial aspects of the property division process are also extremely important. Here are four types of financial assets you should keep in mind.
1. Restricted stock
A spouse with an executive-level position could have restricted stock. This is deferred compensation that companies can structure in a variety of ways. It is usually provided based on performance or length of employment. While you typically cannot transfer this type of income, you can look into the exchange of other assets of similar value.
Does your spouse have a pension? Although a pension represents future income, any amount earned during your marriage is eligible for division in your divorce.
If your spouse owns cryptocurrency such as Bitcoin, he or she might either hold it individually or through an investment company. This is a fairly new and volatile kind of investment and you may need to engage the services of a professional who can perform a valuation.
4. Military benefits
If you are the non-military spouse of a service member, you may not be able to keep your benefits after the divorce unless you qualify under the 20-20-20 rule. This means that your marriage must have lasted must have been married for at least 20 years, your spouse served for at least 20 years and the length of your marriage and the military service must overlap by 20 years or more.
One of the top concerns of anyone facing property division is a fair and equitable settlement. Learn all you can about the financial aspect of your marriage to ensure that nothing falls through the cracks during the divorce.