Going through a divorce can be stressful, especially if you and your soon-to-be ex have many assets to split. If you are facing a high-asset divorce in Knoxville, TN, you may have concerns over which property to divide.
To remain transparent in your divorce, here are five valuable assets you and your spouse should present in the property division stage of your divorce.
You and your spouse should value and divide rare or otherwise valuable collectibles. Examples include coins, baseball cards, memorabilia and antiques.
2. Investment accounts
You should bring savings accounts, retirement accounts and stocks forward in the asset division stage. This is true even if your spouse does not know you have them.
Cryptocurrency is an often overlooked asset in divorces. As such, it is a common source of hidden assets. If you have a cryptocurrency wallet, be sure to bring it to the table in divorce proceedings. Similarly, you should pay close attention to whether or not your spouse has a cyber wallet.
4. Real estate
In Tennessee, real estate purchased while married is eligible for division with your spouse. Conversely, if you inherited property during the marriage, it is likely not subject to division, as it is separate property.
If you or your spouse own a business, together or apart, it is likely divisible property. To obtain an accurate value, you should have a business valuation completed. You and your partner can each hire your own business valuation expert or you can jointly hire a third-party expert to give you a neutral assessment of the business’s value.
Keeping these things in mind as you plan for your divorce can help ease your mind and increase transparency in your proceedings.