What are Financial Assets?
Financial assets are things such as bank and credit union deposits, stocks, and bonds. Financial assets are distinguished from “tangible” property like, for example, a car, furniture, jewelry, and real estate. For our purposes in preparing your divorce documents we include cash in the definition of “financial assets”.
🤔 Understanding how Financial Assets affect your divorce.
Financial assets are part of your “marital estate”. Your marital estate is the property that you and your spouse acquire during their marriage and that is subject to distribution in divorce.
When Jerry and Sally decided to divorce, they had a joint checking account with a $5000 balance. Since Jerry is moving into a rental, and Sally is keeping the home, they agree, as a couple, that he needs some extra cash to set up his new home so they split the balance 75%/25% to help Jerry.