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During divorce, property and retirement assets tend to be among the larger things to split between the former couple.
Seeing as the values of homes are rapidly declining, new reports show that retirement assets are taking center stage.
Deciding who is entitled to what in the future tends to be a difficult decision for those who are enduring divorce.
“That old saying that the ‘devil is in the details’ is especially important when it comes to dividing up retirement assets in a divorce,” explains Martin Shenkman, a divorce attorney from New Jersey. “After all the trauma of a divorce, people don’t want to do the detailed paperwork, but you need to.”
Tracking Your Assets
Studies have proven that the most effective way to protect your assets is by forming a clearly defined agreement relating to everything you own.
Another important step is to have a pre-determined value for each asset.
“Retaining records of what each person has when they enter into marriage can save thousands of dollars in divorce,” says Maury Beaulier, an attorney in Minnesota.
(Source: Fox Business)
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