marital assets

Commonly Overlooked Assets in a Divorce

Whether you’ve been married one year or fifty, you and your spouse have likely accumulated some assets during the course of your marriage. It’s important to catalog and assesses these assets properly, as they must be divided appropriately during your divorce. In the midst of divvying up marital homes, bank accounts, and other common assets, there are some that are often forgotten.

Learn more about commonly forgotten assets and what they may mean for your divorce. To get more advice regarding your impending divorce, call Haygood, Cleveland, Pierce, Thompson & Short at 334-560-1936.

All Assets Must Be Reported

Why is it so important to list all of these assets when you’re preparing for divorce? To put it simply, you never know how much it could be worth. When you divorce in Alabama, marital property is to be divided in an equitable way. That means all marital property, not just the property that is commonly listed in a divorce. As you begin the process, don’t forget to include these assets.

Cryptocurrency and Other Virtual Assets

Once a fringe hobby that only a few people seemed to know about, cryptocurrency is now easy to buy, sell, and learn about. Almost all investment apps allow you to buy or sell cryptocurrency, making it easy for people to get involved. If you or your spouse own cryptocurrency or NFTs, they must be handled appropriately during your split. Their value tends to fluctuate, so discuss this issue early with your lawyer.

Cryptocurrency can be fairly easy to hide in a divorce if the other party doesn’t know that you have it, so don’t take any chances. If there’s any reason to believe your spouse has crypto assets that they are not telling you about, let your lawyer know.

Stock Options

Stock options often fall by the wayside during divorce because it’s easy to forget about them—if you haven’t exercised them yet or aren’t yet able to do so, you may forget that they even have value. Depending on when the stock options were awarded, when they become vested, and what they were given for, they may or may not be considered marital property.

Credit Card Rewards

Whether it’s cash back, airline miles, or physical goods, your credit card rewards are considered marital assets. Make sure you get a copy of your latest statement showing your rewards points or miles and submit it to your attorney. If your spouse realizes that the rewards are waiting to be claimed, they may try to cash out before they can be divided in the divorce.

Jewelry

No matter how large or small your jewelry collection is, don’t forget to include it during the division of assets. A lot depends on when the jewelry was accumulated, who gave it to you and what it was for, and whether or not either party wants to keep it. Plan on getting the collection evaluated by multiple jewelers for a fair assessment.

Artwork

Artwork can be worth a substantial amount of money, and you’ll need to retain the services of an art expert to get a fair valuation. It’s important to disclose collected artwork early, as it may take time to find an expert who can fairly assess each piece.

Memberships and Season Tickets

Memberships to clubs, attractions, and other organizations are considered assets. So too are season tickets. Consider the fact that the University of Alabama has over 30,000 people on its season ticket wait list, with only 0.5% coming off of the wait list each year, and you’ll see why a lifelong fan might not be willing to part with their season tickets in a divorce. These assets are often hard to replace, so they may require substantial negotiation.

It takes a little more time to catalog everything properly but doing so ensures that you get what you deserve in your divorce. The assets you leave the marriage with can lay the groundwork for your new start and your financial stability.

Start Your Divorce with Haygood, Cleveland, Pierce, Thompson & Short

The team at Haygood, Cleveland, Pierce, Thompson & Short is here to help you as you prepare for your divorce. Get the support and guidance you need as you navigate this challenging time. To schedule a consultation now, you can contact us online or call us at 334-560-1936.

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