Asset Division in Divorce

When couples divorce, their primary focus when they divide up their assets is generally on property, vehicles, bank accounts, retirement and pension plans, investments and perhaps valuables such as art, antiques and jewelry.

In many divorces, there are a number of assets that may get overlooked. It's essential to provide your attorney with a list of every asset you have, both separately and together. Some marital assets may have more value than you realize. It's cricial to determine their value so that the two of you can negotiate a fair division or determine that one spouse or the other should have them.

Club Memberships

If the membership is something that only one of you used, for the most part, you may decide to let your spouse have it. However, if initiation fees and dues were paid for with marital assets, the membership is a divisible asset.

Memorabilia and Collections

Art and wine collections can be valuable, of course. However, so can coin, stamp, comic and rare book collections and other memorabilia. You may have zero interest in your spouse's collection of antique pocket watches or sports memorabilia. However, if it has value, it's worth noting as part of your assets. A good way to determine whether a collection is valuable is to look at whether it's covered under your homeowner's insurance policy.

Intellectual Property Rights

If your spouse has acquired a patent, trademark, copyright or royalty rights, that should be addressed. Even if it hasn't paid off, you never know what could happen in the future. It's better to let your attorney know about it so that it can be determined whether you're entitled to a share of the earnings.

Cemetery Plots and Other Resting Places

Chances are, you no longer want to spend eternity next to your ex (and vice versa). However, if the two of you have purchased burial plots, mausoleum crypts or the like, they have value. Generally, one person sells his or her share to the other one.

These are just a few of the assets that many people neglect to consider during a divorce. Others include timeshares, air miles and gifts they exchanged during the marriage. Even if you don't mind giving up the physical assets, you shouldn't ignore the monetary value they could have. It's less complicated to determine the disposition of all of your assets with the support of your family law attorney during the divorce than to wrangle with each other later about them.