Divorce can sometimes be a very positive thing. In many aspects of your life, you may feel relief and as if you are moving on. However, from a financial standpoint, certain aspects may seem difficult. Divorce is mostly about the division of marital property and debts, of which we tend to have many. There are many common assets that we have to divide when divorce comes along, such as real estate, bank accounts, and even our cars.
However, there are sometimes assets that you might miss when you’re taking a list and doing a rundown. Perhaps you forgot about the home furnishings around your house, or classic cars you tend to forget about, or even rare coins you have in your collection. Today we will discuss some of the assets that may not immediately come to mind, and why you shouldn’t forget them.
All the Other Assets
Employee Benefits: Perhaps you have received retirement, deferred compensation plans, and more from previous employers. You do not want to forget about these in the times of division.
Cemetery Plots: If you are going through divorce, then your mind has probably changed about being buried alongside your husband or wife. Because of this, you should negotiate these matters.
Collections: You may have certain collections on display at home, like comic books, books, art, and more. These items may be worth a lot to you and to others.
Memberships to Clubs: You or your spouse may be a part of certain clubs with annual memberships. You may take an interest in these and make them an asset to divide.
Gifts During the Marriage: Gifts you received while married can still be divided in divorce. Perhaps some of your items became comingled while you were with your spouse and, in that case, it is now subject to division.
Intellectual Property: This includes things relating to business such as copyrights, patents, and more. They could be worth a lot in the future, which is why you don’t want to forget them.
Pets: Unfortunately, in some states pets are treated as property instead of family. If a spouse has a flexible schedule, they are more likely to receive the pet.
Photographs: You may have collections of older photos kept within your family. You must make arrangements to separate what is yours and what isn’t, and what is most important to you.
Now you know about some of the assets that could be subject to division and could be very important to you. Because we care about your case and don’t want you to forget about some of the most important assets in your life, take some of these considerations to heart. Call us for more information.