Asset and property division remains a significant aspect of divorce. The obvious assets for review come to the forefront and may include your residence, property investments, retirement investments and vehicles.
However, many couples may overlook certain assets. Perhaps they had not thought about them. Maybe he or she just made assumptions that they – and not their estranged spouse – will get them. There are a number of crucial assets that couples may overlook in divorce.
Sports tickets, job bonuses
Here is a list of some overlooked assets in divorce:
- Pets: Often considered part of the family, pets and their presence may lead to a potentially nasty tug-of-war among couples. People, sometimes, make assumptions as to who will get the dog or cat. Those assumptions can be wrong.
- Memberships: A variety of memberships to country clubs, golf courses, tennis clubs, swimming clubs are on the line. As a couple, you often enjoyed them together. In many cases, clubs require members to purchase shares.
- Sporting and event tickets: Who will get those beloved season tickets to Buffalo Bills or Buffalo Sabres games? They have been in the family for decades and hold great memories and sentimental value. There also may be orchestra and theater season tickets to consider.
- Work-related bonuses: You have earned them in your work role, and a quarterly or year-end bonus can be worth a great deal of money. In situations where you have a bonus deposited in a non-joint account, courts may consider it as a marital asset.
- Tax refunds: In many situations, couples remain so focused on the divorce proceeding that they neglect to recognize that a tax refund is a part of it. Tax refunds are marital property.
- Frequent flyer mileage: You have built them up through the years during the lengthy overseas vacation and business trips. Some people cherish this perk and may find it difficult to relinquish.
- Timeshares: These investments make sense for some couples. Having annual getaways that last a week or two to Mexico and Hawaii can be relaxing and filled with memories. You may have to sell your timeshare, but this will prove costly, especially to get out of the agreement.
- Collectibles: This category may include antiques, fine art, jewelry, wine, luxury cars, gold and silver coins and vintage baseball cards. You may have to sell certain assets if you cannot come to an agreement on who gets what.
When going through a divorce, make a thorough review of your assets. You do not want to overlook any of them because they all matter.