During a divorce there are many considerations including what to do about any assets. The common belief is that all assets are divided equally between partners and usually this is the case. There are times when the partners might agree to a buy out in exchange for property for example.

The first thing you need to do is figure out what assets you have, this includes property and retirement funds. Property includes the house, commercial property, vehicles, any boats, RV’s or trailers. Bank accounts are included under assets, stocks, bonds, retirement funds and any businesses. Also any household goods such as furniture, clothing, dishes, jewellery, collectibles, and even books are considered assets. Other assets could be any tax refunds, frequent flyer miles and club memberships.

It’s the cheapest idea to create your list of assets yourself, but you can use a lawyer or mediator to do this for you. A mediator stays neutral they are mainly there to make sure everyone involved is given their fair share. A lawyer of course will act on your best interest.

Bear in mind the law does not state that all assets will be divided equally between partners, even if 9 times out of 10 they tend to be. Some reasons assets might not be divided equally are: third party gifts are not always divided 50/50, if income was acquired but not by either spouse this could be considered a special circumstance.

Even after a divorce is final a spouse might seek to have alimony or child support awarded to them. If the partners cannot decide on how to divide their assets, the courts will do it for them and this means the property may or may not be divided equally.