The Most Important Assets You Should Never Forget In Divorce
Divorce is already so difficult for a number of people that having to think about assets can be just another difficult step in the process. However, that moment when you and your attorney make that list of assets is such an important step, and there are usually a number of assets that people forget to include, such as foreign assets and others besides the most obvious, such as bank accounts, IRAs, etc.
Below, we provide a list of a number of assets you want to make sure you include:
Collections
While it may seem like your ex was never interested in your coin collection, or vice versa, these collections hold value and need to be taken into account in determining equitable distribution.
Digital Assets & Downloads
This includes any shared media accounts, such as Instagram or Facebook, websites, blogs, etc., as well as any shared music accounts, e-books, etc.
Frequent Flyer Miles
Frequent flyer miles can typically be split up and/or assigned cash value, and that cash value can be tremendous, depending upon the client and the credit card account.
Intellectual Property
If you or your spouse own any copyrights or patents, these need to be valued in the same way that a business formed during a marriage has to be valued and split up. Intellectual property also often involves paying our royalties over time, which will need to be taken into account in negotiations.
Lawsuit Proceeds & Settlements
If you or your spouse is currently involved in a lawsuit, or has previously received settlement proceeds from a lawsuit, this also needs to be taken into account, even if the lawsuit is ongoing and the settlement award is expected in the future.
Lottery & Raffle Tickets & Prizes
Lottery tickets, raffle prizes, etc.—all of these need to be taken into account, even if they will not result in cash prizes but, instead, a trip, a television, etc.
Memberships
Club memberships usually involve a significant buy-in in the beginning (in addition to any monthly membership dues), and these bonds hold value.
Pets
Who gets the family pet in the event of divorce is becoming more and more of a hotly-contested issue that we deal with in divorce. Regardless of whether the pet was purchased, our four-legged family members hold significant emotional value and attachment and are relevant in these proceedings.
Other Assets
Other important assets typically include:
- Any cemetery plots;
- Photographs; and
- Tax Refunds.
Timeshares
Timeshares are one of the most frequently overlooked assets that clients forget to bring up, and yet, regardless of how much time you spend at them, or how frequently you’ve used them since you purchased, this is valuable real estate that is going to affect your divorce negotiations, and require both valuation and re-titling.
Contact Our Florida Divorce Attorneys to Find Out More
If you have any questions about assets during divorce, contact our experienced Florida divorce attorneys at the office of William Wallshein, P.A. today to find out how we can provide assistance.
