What Assets Should I Make Sure I Do Not Forget About In Divorce?
When you are going through the process of divorce, one of the things your attorney will have you do is sit down and write out a comprehensive list of assets. While this can be daunting, it is very important that you bring up everything and anything that could be of value, including any foreign assets, and not make any assumptions about what does and does not “matter.”
Below, we discuss some of the most important assets you want to make sure you do not overlook on this list:
Whether you’re going through divorce or coming up with an estate plan, you absolutely must list any foreign property such as timeshares. It does not matter how much time you spend each year there—this is an important, valuable asset which will require valuation, re-titling, and, in general, will need to be addressed.
Any personal collectibles are also important to list. This doesn’t just cover valuable antiques, but also coins, stamps, fine china, etc. Your attorney may need to work with an appraiser to ultimately determine their value. Keep in mind that, even if you don’t think your ex has any interest in these items, they will likely expect it to be addressed in terms of overall assets and what they receive.
Memberships—even if they are for only one spouse—also must be taken into account, as many of them require you to make a purchase before you submit monthly payments for your membership, and whoever gets to keep them gets that value.
Frequent Flyer Miles
Frequent flyer miles are also important. These accounts accumulate miles, which can be of significant value, and with some credit cards, even translate to cash value.
Any existing or prospective settlement funds must also be taken into account, even if one spouse is still involved in litigation that could result in a future award.
Raffles & Lottery Tickets
Any raffle or lottery tickets purchased that could result in any kind of prize—not just a cash prize, but a television, trip, etc.—also need to be taken into account.
What happens to a couple’s pet in the event of divorce is a topic we frequently deal with our clients. Regardless of whether the pet was purchased and any monetary value, our four-legged friends also hold a significant amount of emotional value.
What about additional property that may not be as tangible as, say, a house? For example, intellectual property—copyright, patents, trademarks, etc. These are just as relevant as valuing every aspect of a business that was started during a marriage. Any royalties that will be paid over time also needs to be taken into account.
Other assets include but are not limited to:
- Cemetery plots;
- Digital assets & downloads;
- Photographs; and
- Tax refunds.
Contact Our Florida Divorce Attorneys to Find Out More
If you live in Florida and have any questions about divorce, contact our experienced Orlando divorce attorneys at Arwani Law Firm, PLLC today to find out about our services and how we can be of help.