Divorce leaves you dividing up your assets, and most people know about the biggest ones. These include bank accounts, homes, cars and investments.
However, there are many other assets people sometimes overlook or undervalue. Make sure you really know the value of your estate and what you deserve.
- Benefits from a company you or your spouse no longer work for. In some cases, couples still control things like pensions, retirement accounts and stock options.
- Art collections. In some cases, single pieces are worth thousands all on their own. Significant value can be hidden in art, especially when one spouse does the collecting and the other knows very little about it.
- Home furnishings. Depending on the size of your home, the furnishings could be worth tens of thousands. Unless you sell the house fully furnished, you need to split those up as well.
- Collections. Other than art, valuable collections may include wine, classic cars, rare coins, antiques, comic books and much more.
- Animals. Even a dog can cost hundreds of dollars, with some reaching into the thousands. Animals like horses, especially when bred for racing, can also be very valuable.
- Marital gifts. While something purchased before you tied the knot may still belong to the person who received the gift, most gifts purchased during a marriage are still marital property. After all, you technically used your joint income to buy something for the family, even if you gave it to your spouse.
These are just a few examples, but they help to show you how important it is to really dig into all of your assets and to understand exactly what you deserve in the divorce.