Faqs About Overlooked Assets In A Divorce

25 April 2017
 Categories: Law, Blog

During your divorce negotiations, it is important that you and your spouse consider all of your marital assets. Without realizing it, some couples neglect to factor in all of their assets and conflicts can result after the divorce as they struggle to determine who has a right to them. If you are divorcing, here is what you need to know about some of the more uncommon assets.  

Which Assets Are Overlooked? 

Money and property are the two main assets that divorcing couples consider, but there are some tangible and intangible assets that should be divided, too. For instance, pets and gifts that were received during the marriage also need to be factored into negotiations. You and your spouse should also consider intangibles, such as frequent flyer miles and digital property.  

Now is also a good time for you and your spouse to decide who takes ownership of pictures that were acquired during the marriage. It might seem strange to negotiate about pictures, but they have sentimental value attached to them and couples have ended up back in court arguing over who gets possession of them.  

If you and your spouse have shared creative ideas that resulted in the need for patents, you also need to think about who takes control of them. In addition to this, you need to include cemetery plots and club memberships.  

What Can You Do? 

Before you and your spouse can adequately divide your assets, you need to identify them. Finding all of your assets can be tricky since they can be easily overlooked. However, it is important that you and your spouse sit down together and create a list of everything that has value that has been acquired during your marriage. Talk to your local divorce attorney to get an idea of some assets you and your spouse might be forgetting.  

You and your spouse can choose to let the judge decide the fate of these assets, but an easier and more amicable way of deciding who gets control of them is to attend mediation. Even if you are unable to agree on money and property, you can still attend mediation. A mediator can help both parties reach an agreement about assets, such as frequent flyer miles. Any agreement reached can be included in your divorce decree.  

To learn more about dividing your uncommon assets talk to a local divorce attorney. He or she can help with the negotiations and other matters that need to be resolved.