Divorce is not an easy feat for anyone, but it's especially true for those with a lot of assets. There are some basic assets that everyone thinks during divorce, including the marital home, bank accounts, savings accounts and vehicles. But some may be surprised to learn about the many other types of assets that should be considered in a divorce.
Did you or your spouse collect any memorabilia during the marriage that may be worth something? This could include gold and silver coins, sports memorabilia, comic books or stamps, among many other things. It's important not to forget these valuables, as they may be worth a lot of money.
Your spouse may have a golf course or country club membership that could be presented as an asset to divide. These memberships often have substantial initiation fees and annual dues.
Do you have intellectual property such as copyrights, patents or trademarks? These are important to consider because they could generate income in the future.
Many couples have to consider who their pets will go to. It can be hard to give up a pet, especially if you consider him or her to be like a child, but the court sees pets as property.
Did you or your spouse loan any money to a friend or relative? If, for example, your wife loaned her brother $5,000, the money she will receive back may be divided in divorce.
Don't forget about tax refunds. It depends on what time of the year you file for divorce, but there may be a past or pending tax return that you could miss.
Some of these may surprise you while others may be some that you have already considered. We'll continue this discussion in our next post.