Kline Legal Group P.L.C.

Remember these assets when dividing property in a divorce

One of the most complex parts of divorce is determining and dividing marital property, especially when you have many high-value assets. Couples commonly argue over the house, business, financial accounts and collections

While these may be the most obvious and important things to fight for, avoid overlooking other valuable assets. They can be the source of long-term financial gain or tools for negotiating property division during your divorce.

Taxes

Tax refunds may count as joint income depending on how you filed. Taxes you owe may also be subject to division. Also note that retaining certain assets come with tax obligations. You may want to discuss how divorce will affect your taxes with an accountant and/or attorney.

Loans to loved ones

Did your spouse lend a large sum of money to a family member or friend? If so, whenever the person pays back the loan, the money belongs to you, too.

Rights to intellectual property

When divorce involves a business, it is likely that it involves intellectual property, too. No matter who holds the right, financial increase received from these during the marriage becomes community property. If you both hold rights, then you will have to figure out how to divide them.

Gifts

Gifts should be permanent offerings from one person to another, right? In everyday life, perhaps, but not in divorce. The nice anniversary and birthday presents you gave each other are divisible. The only things that are separate are gifts from before the marriage, including engagement rings.

Memberships, programs and other perks

Do you have a gym or country club membership? Are you part of a travel rewards program? Have you bought a winning lottery ticket? All these assets should also be on the table for a fair split.

Sentimental items

Unfortunately, belongings that only hold sentimental value do not escape the divorce battle. Digital photos and videos are easy to share, but prints and video recordings you will have to copy if possible. As you can see, divorce affects everything you own, so take inventory of all property and discuss your options with an attorney.

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