Not all assets are easy to keep track of

Not all assets are easy to keep track of

On Behalf of | Mar 9, 2021 | High-Asset Divorce |

In the state of Florida, joint assets are divided in an equitable manner when a couple decides to end their marriage. Generally speaking, anything that was acquired during the marriage could be considered a marital asset. This means, for example, that a pension, digital coin holdings or a piece of art that has appreciated in value over the years might need to be accounted for in a final settlement.

Joint tax returns are helpful for finding hidden assets.

Discovery is one of the first things that occur during a divorce proceeding. During the discovery process, you are entitled to bank records, social media posts or anything else that might help you negotiate a proper divorce settlement. In many cases, you can use a joint tax return to find evidence of a stock portfolio, profits from a business or gambling losses that may have been hidden from you.

It can be easy to forget about an item.

It’s important to remember that your spouse may not be willfully hiding assets from you. Instead, you may have stumbled upon an account that he or she thought had been closed years ago. Furthermore, it can be extremely difficult to keep track of cryptocurrency that is held in a digital wallet.

Keep an organized list of your assets.

It’s generally a good idea to keep an organized list of anything that is acquired during a marriage. It may also be a good idea to note when an item was acquired, how much it was worth at the time of purchase and the source of the funds used to purchase it. This can make it easier to determine if an asset is a separate property, a marital asset or property that has been commingled.