Easily Overlooked Assets in a Divorce
Divorce is a stressful event to deal with, and sometimes the process can seem prolonged. When you and your soon-to-be-ex spouse are working through division of assets you will likely be focusing on the house, car, and other obvious, large-ticket items. However, there are some assets that you may not consider initially that could really matter to you in the end.
At the Law Offices Of Cara L. Santosuosso, LLC our skilled collaborative divorce lawyers know how difficult divorce is, and we are here to help. Together we can work to make it possible for you to retain access to the assets that you are entitled to and that matter most.
What Is Marital Property?
Just as it sounds, marital property is, by definition, all property acquired by both spouses during the marriage. That said, sometimes even property that was owned prior to marriage but that has increased in value due to both spouses’ efforts may also fall into this category. The same can be said for intellectual property that promises future expectancies. Property can be tangible or intangible, and countless things can be deemed to be marital property.
Physical Assets
One of the first things that can be easily overlooked when deciding on division of assets is the family pet. Likely both parties have cared for the pet in some way, but if one party has more of a claim to ownership, or if they are to remain in what was the family home, they may be awarded the pet. For some of us, the companionship enjoyed by owning a pet is worth more than many other possessions in this life, so it would only make sense for our furry friend to be part of the divorce considerations, especially if the pet is up in years or requires special care. If children are involved and they have a strong attachment to the family pet, that may also enter into the final determination.
Other physical assets that may not immediately come to mind could be sentimentally valuable photos, storage units and their contents, safe deposit boxes, collections and collectables.
Financial Assets
Some easily forgotten financial assets to look out for could be the smaller retirement accounts or pensions from past, more short-term positions. If they haven’t already been dealt with, there may be some finances left on the table. If either spouse was a beneficiary of a trust, working with a Cleveland divorce lawyer can ensure that if a trust can be considered as being marital property, that it is divided equitably. Lastly, digital currency has become an increasingly popular investment and both assigning value and dividing this asset should not be overlooked. Besides your trusted collaborative divorce lawyer, working with a financial professional could be necessary so that an accurate value can be set for remaining assets.
Joint Miscellaneous Assets
Across the years of your marriage, you may have entered into subscriptions or memberships to exclusive clubs, gyms, golf courses, or online services. The value of these memberships can stack up, and it is worthwhile deciding who will retain them or how you will pay for cancellation. The same is true of timeshares or vacation properties, which can carry both financial and sentimental value. Besides determining an owner, these properties will need management, maintenance, and may still require regular mortgage payments.
If you both were contributing to a college savings account for your children, deciding who will continue to manage this asset going forward should be part of your divorce proceedings. Perhaps one or both of you were working on a book, business, product, invention, or other venture that brings along intellectual property rights. Anytime that patents, copyrights, and trademarks are involved, these will also need to be factored into your divorce.
NFTs and digital media purchases are other intangible possessions that need to be teased apart to ensure that both parties are retaining the assets they are entitled to receive. Lastly, credit card rewards should also be taken into consideration, as sometimes they can result in valuable assets like airline miles, hotel points, and more.
Your Trusted Divorce Lawyer In Cleveland, Ohio
Divorce is naturally complicated and can take a toll. You may be more inclined to overlook assets in order to speed the process along. However, overlooking even what seem to be trivial assets could have long-term consequences. It is worth the effort to look for hidden assets so that you can enjoy the most fair and comprehensive outcome possible.
The collaborative divorce lawyers at the Law Offices Of Cara L. Santosuosso, LLC are here to ensure that you receive a fair division of assets in your divorce. Our Cleveland divorce attorneys can help you through complex and high-asset divorce proceedings. Together, we can ensure that you both retain the rights to assets that belong to you and that you hold dear. Contact us today to learn more about our services and to schedule your consultation.