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Do Not Forget These Assets During Your High Asset Divorce

Posted on in High Asset Divorce

TX divorce lawyerIt’s usually a good idea for those who are going through a divorce, especially couples with unique or valuable assets, to sit down and make a list of all unusual assets that might otherwise get left off a list of marital property. To ensure that all of your own property is accounted for and that any property settlement agreements that are presented to you and your spouse are fair to both parties, please contact a member of our Leander high asset divorce legal team today.

Unusual Assets

A couple’s marital assets usually consist of any property that was earned or brought into the home during the marriage itself. In fact, some separate property, which is made up of assets that were brought into a marriage, can become marital assets if they are commingled with marital property. While most couples remember to account for the family home, vehicles, real estate, and bank accounts when creating a list of their marital assets, it is not uncommon for a family to forget to list and value more unusual assets, such as:

  • Animals, including not only the family pet, but also livestock;
  • Memberships to gyms, golf courses, and country clubs;
  • Benefits from previous employers, such as pensions and retirement accounts;
  • Pre-paid cemetery plots;
  • Capital loss carryovers for prior tax returns;
  • Life insurance plans;
  • Interest acquired from loans made to relatives or friends;
  • Digital assets, including not only websites and blogs, but also cyber currency, such as Bitcoin;
  • Trademarks and patents;
  • Airline reward points, such as frequent flyer miles;
  • Credit card reward points;
  • Royalties;
  • Timeshare interests; and
  • The contents of a safe deposit box.

Even valuable assets in the family home can be overlooked during divorce, including:

  • Jewelry, whether given as a gift or received as part of an inheritance;
  • Mementos and photographs;
  • Home furnishings, such as furniture, textiles, and even artwork;
  • Classic cars or motorcycles; and
  • Rare coins and other valuable collections, such as wine, stamps, books, or antiques.

Some of these assets, including collectibles like coins, stamps, artwork, and antiques can be extremely valuable, and even if they are not, can have enormous sentimental value to one or both spouses. For these reasons, it is critical that all of a couple’s assets are accounted for before entering into negotiations about property division. Those who fail to conduct an exhaustive search of their assets could end up on the receiving end of an unfair property settlement agreement.

Call a Leander High Asset Divorce Attorney for Help

It is important for divorcing couples to have a thorough list of all of their marital property so that both parties will receive an equal share of the assets. Our dedicated Leander high asset divorce lawyers can help you with this, and other aspects of your divorce, so if you are filing for divorce, please contact us today at Powers and Kerr, PLLC by calling 512-610-6199 to schedule your consultation.

 

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#5f551ca01195

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