Broadly speaking, assets are anything you own that has value. When it’s time to list the assets in a divorce, there are many different categories that can be included.
Financial assets could include savings and checking accounts, bonds, investment portfolios, retirement accounts, and others. If the couple owns a home or other properties, they are included as assets.
Vehicles are assets, including recreation vehicles like a boat or a snowmobile. The valuable items the couple owns are assets as well, including jewelry, luxury watches, furniture, and more.
Dividing assets in a marriage can be even more complicated when the couple owns a business together. Every divorce is different, both in the personalities and circumstances of those involved to the financial situation that needs to be divided. However, the easiest process forward when dividing assets begins with spouses that can work together and compromise.
If a couple can agree on the major assets, such as who will live in the family home and how the investment accounts ought to be divided, the rest of the process will be much less complex.
A Howard County, MD divorce attorney can provide more information about dividing assets.