Numerous matters must be addressed in a divorce. Dividing assets is among one of the most crucial ones. Sure, many people understand that obvious assets such as the house, additional real estate and retirement accounts get proper scrutiny. However, some couples overlook certain assets when it comes to property division.
Assumptions get made and then disagreements surface between the estranged couple as to who keeps the frequent flyer mileage, club memberships and sports tickets. And do not forget what will happen with the pets, collectibles and storage units.
Pets, club memberships, tax refunds
Here are some of the most overlooked items when divorcing couples seek to divide assets:
- Pets: Some of the biggest battles stem from who will get the beloved pet, a longtime member of the family. If you got the pet while the two of you were married, it is a marital asset.
- Memberships: Some couples may belong to private country, tennis or swimming clubs. A number of these clubs may require people to purchase shares to become a member. Now you must figure out who gets to keep those memberships.
- Sports tickets: Sports lovers may purchase season tickets, which hold great monetary and sentimental value.
- Frequent flyer miles: All those airline trips help you build up frequent flyer mileage and so can taking advantage of credit card promotions.
- Timeshares: Although people who own them may spend only a week or two each year at a timeshare in places such as Mexico, Hawaii and Colorado, they still need to determine how to equally divide this asset. Maybe they sell it, but this will be costly.
- Collectibles: These may include toys, comic books, vinyl records, coins and vintage baseball cards, some of which are valuable. A valuation expert may have to determine their value.
- Tax refunds: In most situations, tax refunds are marital assets even if the couple file their taxes separately.
- Storage units: These often contain boxes and bins containing photographs, collectibles and other potentially valuable items. You need to determine how to best divide these items or who will retain the storage unit and continue making payments.
Please make sure to consider every asset accumulated during your marriage. The assets purchased during your marriage remain marital property, and you deserve your fair share.