Deciding to end your marriage is likely one of the toughest choices you will ever make. Not only must you deal with the emotional toll a divorce can take, but you must also divvy up marital wealth. While you may be willing to fight for some assets, others probably are not worth the effort.
There is really no such thing as a standard division of marital property. On the contrary, everyone must decide what he or she wants to keep after a marriage ends. Nonetheless, here are three things that are probably worth pursuing:
- Your home, possibly
Your home may be your most valuable asset. If you love your house, you may be willing to give up other things to keep it. Still, doing so may be a mistake. After all, you can probably find another place you like just as well. If keeping your home is important to you, though, fighting for it can be worth the effort.
- Retirement wealth, definitely
Even if you love your job, you probably do not want to work forever. When you retire, you need money to last until the end of your life. In fact, many experts recommend saving 25 times your annual expenses for retirement. If you and your spouse have retirement accounts, you must advocate for your fair share of them. Because dividing these accounts can be challenging, you may want to add a retirement professional to your divorce team.
- Business interests, certainly
Eventually, your divorce will come to an end. When it does, you must focus on your financial future. If you and your soon-to-be ex-spouse jointly own a business, securing exclusive ownership of it may be essential. This is particularly true if the venture is valuable. On the other hand, if your partner wants to keep the business, he or she should be willing to buy out your interest. Either way, accurately valuing the business is vital.
You are the only person who can decide what matters most to you. Nonetheless, fighting for certain marital assets usually makes sense. With effort and the right advice, you can work to secure ownership of what is important to you.