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Assets you’ll need to include in a divorce settlement

On Behalf of | Jun 25, 2021 | Divorce

Pennsylvania law generally prohibits an individual from concealing assets in a divorce proceeding. However, there is a chance that you’ll forget to mention an item simply because you didn’t think that it needed to be included in an inventory of joint property.

Are you expecting to receive a pension after you retire?

In most cases, a pension will be labeled as a joint asset that is likely subject to state property division rules. It’s important to note that the exact amount that you’ll receive from your employer won’t be known until you actually start getting monthly checks deposited into your bank account.

Therefore, it may be a good idea to speak with someone who understands how to determine the current value of this benefit prior to agreeing to a divorce settlement. This is because your spouse will likely be entitled to a percentage of its current value as opposed to its value several years from now.

Have you invested in cryptocurrency?

Generally speaking, cryptocurrency is treated like any other item that might make up your investment portfolio. Therefore, you will typically need to disclose the fact that you own digital coins during settlement talks. This is generally true whether you own physical coins or participate in a futures market.

Your divorce attorney may review bank statements, brokerage account statements or other documents in an effort to identify potential joint assets. An attorney may also hire forensic accountants, pension valuation professionals and others who may be able to track down property that your spouse is trying to hide. Proving the existence of a savings account, digital currency portfolio or other assets may help you obtain a favorable outcome in your divorce case.