For those of you who decide to divorce in Beijing, you might think of how the assets are divided in Beijing divorce court. One of the main components of any divorce settlement is a property division agreement. If you and your spouse are able to agree upfront about what to do with your property, you can save thousands of dollars in legal fees. If not, the only answer may be to battle it out through attorneys. Either way, it pays to know what you’re dealing with. The following information isn’t meant as legal advice, it’s just some common ways people divide (or keep) assets during a divorce.
 
Deciding what to do with the marital home is one of the biggest decision is any divorce. We have dedicated an entire page to the discussion of what to do with the marital home.
 
Retirement plans could possibly be the most valuable asset you own. Your retirement portfolio, in addition to the typical pension, profit-sharing, might also include other employment benefits such as bonuses, vacation days, and stock options. The portion of your retirement plan that’s considered “marital property” might be subject to division. What your state considers as marital property, and how it divides marital property, will be determined by your state’s laws. When dealing with such a large asset, it’s very important to get expert help. You can speak to your plan advisor, an attorney, and/or a tax expert like an accountant. Before you decide that each spouse will simply keep their own pension, and before you make any decision relating to how much each spouse will get or how it will be divided, you’ll want to know exactly what you’re dealing with and exactly what you might be giving up. To get an accurate estimate of the plan’s worth, you should have the plan valued by an expert. You should find out what, if any, penalties and tax consequences there will be if you divide and distribute the plan. Also keep in mind that different methods may be available to you for dividing the plan. You should, at a minimum, find out the answers to the following questions, and decide what makes the most economical sense. You may need an attorney and/or accountant to help you figure this out.

Published in Divorce Lawyer
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