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How much do you know about the assets you and your spouse hold?

How much do you know about the assets you and your spouse hold?

When getting divorced, you need to know as much as possible about your own assets. To some, this seems simple: Of course, they know about their assets because they deal with them all of the time. To others, though, they’re faced with a very steep learning curve and it feels very daunting. 

The thing to keep in mind is that not all couples manage financial responsibilities in the same way. Some spouses split everything up and help each other out, so they both know more about where their money comes from and where it goes. For others, though, one partner takes on all of these tasks and the other simply allows them to do it. 

For instance, maybe you know that your spouse earns more than $100,000 per year, while you stay home with the kids. You know there’s enough money to go around, so you never really ask about it. Has your spouse received a raise? Do they get a bonus? Are they being given other benefits, like stock in the company? You may simply not know about any of this, as you consider it your spouse’s responsibility. 

While you’re married, that’s fine. It’s up to you. If you get divorced, though, this outlook can make things far harder. You do not know if you’re getting a fair split of the assets if you don’t know what a fair split should look like. You also don’t know if your spouse is hiding assets or “forgetting” to mention them during the divorce.

When you find yourself facing these types of issues, make sure you take the time to consider the legal steps you need to take during a divorce to protect yourself. An attorney can show you how.


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