Overlooked assets in divorce hold significant value

by | Jul 26, 2021 | Divorce |

When dividing assets in a divorce, couples often do their utmost to determine who gets what along with their fair share. However, sometimes, they may overlook some of the not-so-obvious assets. These are not rare occurrences.

Front and center, they usually address assets that include the house, a second home, investment real estate, the family business and retirement accounts. With other assets, they make assumptions or just plain miss them. What happens to the orchestra membership? Who will get the family pet?

Memberships, pets, bonuses

Here is a list of some of the occasionally overlooked assets that also need scrutiny during a divorce:

  • Memberships: Many affluent couples have memberships to symphonies and orchestras, golf courses, country clubs, swimming clubs and tennis clubs. Members usually must purchase shares to become members.
  • Sports, theater and event tickets: Sports and theater lovers often buy season tickets. In some situations, these tickets are not only valuable but also have a great amount of sentimental value.
  • Frequent flyer miles: The numerous business and pleasure trips lead to a built-up share of frequent flyer mileage. Certain credit card promotions also lead to more such mileage. Who gets them in a divorce?
  • Family pets: The fight over family pets, sometimes, lead to tempestuous battles. If you brought the pet into the marriage, it is a non-marital asset. If you got the pet while married, the pet is a marital asset.
  • Collections: So many things fall under this category including fine art, antiques, wine, jewelry, rare coins, comic books, toys and baseball cards.
  • Bonuses: Job-related bonuses, whether quarterly or year-end, may fall under the marital asset category. Even if deposited in a non-joint financial account, they could be a marital asset.
  • Tax refunds: Sometimes, these get overlooked, especially when couples are concentrating so much on divorce proceedings.
  • Storage units: These often contain mementos such as photographs, family heirlooms and collectibles. Many have great sentimental value.

You want to ensure that every asset in your marriage receives scrutiny. Some that hold great sentimental and even monetary value may get overlooked.