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Mark Abzug

What assets are often overlooked in property division?

On Behalf of | Jan 29, 2016 | Property Division

Divorce can really make you feel as though you’re in a whirlwind. You and your soon-to-be ex have been fighting over children, child support, spousal support and property division. You may just feel as though you’re ready for the whole thing to be over, so you’re ready to agree to whatever property division is proposed. Unfortunately, your ex hopes you will forget about several assets that should be divided.

Your attorney can help you determine if all of your assets have been considered and listed in your divorce. Some of the following assets could be overlooked, which could cost you a lot in the long run.

— Travel reward points: This could mean a nice, luxury trip is in your future.

— Term life insurance: If you are ill, older or uninsurable, then a term life insurance can be just as important as a whole life insurance policy.

— Tax refunds: If tax time catches you in the midst of your divorce, you might be surprised how easy it could be to forget about a pending tax refund.

— Keepsakes and photographs: While recent pictures are easily saved on digital storage, older photos and negatives will need to be copied. Split the cost, if necessary.

— Pets: Many people do not think of their pets as simply property, but that is how the court usually views them. Let your attorney know if keeping your pet is a top priority.

— Loans that are due to be paid back to both of you: If you and your spouse loaned money to someone who will pay it back to both of you, that money will need to be divided as an asset.

— Lottery tickets: If you purchased a lottery ticket while you are married, any prize that is won is considered marital property.

— Golf course, country club and other memberships: If you pay dues to a club or organization while you were married, it will be considered an asset in divorce.

— Cemetery plots: It’s no surprise that you won’t want to be buried next to each other, but the plot does hold value, which needs to be negotiated with the rest of your marital assets.

As you can see, there are many assets that can be overlooked. Your lawyer will be able to help you determine the value of your assets and your fair share.

Source: Forbes, “Divorcing Women: Don’t Forget These Marital Assets,” Jeff Landers, accessed Jan. 29, 2016