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Don't forget about these assets in your divorce

One of the first things people typically wonder about after deciding to divorce is what will happen to their assets. Who will keep the home? How will they divide bank accounts and retirement accounts? Will there be a fight over the family car?

These are often the major assets people own and worry about in a divorce. However, while real estate, cash and cars are certainly important to consider during the property division process, there are numerous other assets that you should not overlook or minimize if you are about to divorce.

  • Personal property: This can include your furniture, electronics, books and virtually everything you have in your home, garage and/or storage facility. Individually, these assets may not seem that important, but when you take it all into account, the amounts can add up quickly.
  • Pets: In accordance with state laws, pets are technically property that can be subject to division. 
  • Memberships: If you are a member of a store, golf course, country club, social group or gym, you will need to address these memberships during divorce.
  • Loans: You might already be thinking about your mortgage or car loans, but don't forget about personal loans you may have taken out or given to friends or family. Whether the loan is repaid or forgiven will affect your settlement.
  • Collections: You might have a coin collection, rare action figures or possibly a vast music library. These assets often lose value if they are incomplete or divided in some way, and they can be difficult to assign value to in the first place, which can spark disputes.

These and similar assets can trigger fights between spouses' they can also be difficult to categorize and value. In fact, there are people who have gone to court over pet custody, art collection estimates and even who gets to keep a couch. 

Because property disputes have the potential to get quite contentious, and because there could be a meaningful amount of money on the line, it is important to discuss your expectations and goals for property division with your attorney. 

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Evans Family Law
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