Easily Overlooked Assets in A Divorce

Easily Overlooked Assets in A Divorce

When dividing assets during a divorce, the ex-spouses usually focus their attention on the most obvious marital assets, such as the family home, bank accounts, retirement accounts, real estate property, vehicles, and other such assets. Taking this into account, they typically miss out on other less frequently used assets. A seasoned divorce attorney in Alabama can ensure that you don’t overlook any asset while divorcing your spouse and get your rightful share of the marital property.

Collectibles and Antiques

Americans love collectible items and some of these may have more serious value than you realize. While you are preparing for divorce, you should make a list of all the collectibles you have. You may even have an expert come in and evaluate the worth of your collectibles.

This can include a wide range of items, such as:

  • Stamps
  • Coins
  • Antiques
  • Paintings
  • Trading cards (including game cards and sports cards)
  • Models
  • Comics
  • Dolls
  • TV and movie collectibles

You should include collectibles in your balance sheet and have it evaluated by a professional. You can speak to an attorney about high-value items and the best way of distributing them as marital assets.

Jewelry

There are certain pieces of jewelry that can be of immense value. In addition, the value of gold and other types of jewelry can rise higher than anticipated. Family heirlooms, including engagement and wedding rings may fall into an altogether different category. You should have your jewelry collection valued and included in the balance sheet. You need to ensure that you add jewelry that belongs to both parties.

Digital Currency

Digital assets are another overlooked asset. With the rise in NFTs and cryptocurrency, you should make sure that these assets are added to the list of marital assets. It can get tricky dividing these assets based on their current value. You may want to work with a proven divorce attorney with experience in digital assets to protect your interests. This is someone who has been through the legal battlefields before and knows how to act under pressure.

Stock Options

Corporate jobs usually have stock options as perks for employees. These may represent a significant investment for you. Stock options usually prove difficult to divide because of their changing financial value. However, they should be added to your asset distribution. You should speak with your attorney about existing stock options your spouse may have and how they can be counted as marital assets.

Security Deposits and Prepaid Rent

If you have a security deposit on a property, who gets it when you move out? You should consider the value of any prepaid rent as well. For instance, if you and your spouse paid rent on a storage unit for the entire year, you may want to get your share back.

The same holds true for any rent paid on the primary residence. It’s critical that you include these figures in the final asset distribution. This way you can be sure that nothing gets overlooked before the divorce is finalized.

Bonuses

Bonuses can be included as marital assets in Alabama. Your overall income may be impacted by any work bonuses that come early. Maybe your spouse has a pending bonus that has not come through yet but is expected in the near future. You can speak to your attorney about how to include the assets for equitable distribution.

Credit Card Rewards and Frequent Flyer Miles

Credit card rewards are one of the top overlooked assets by divorcing couples. Those rewards may be worth more than you imagine. Airline tickets can cost hundreds or thousands of dollars. You can cut down significantly on those prices by cashing in your frequent flyer miles.

Credit card rewards are also useful for discount tickets, cash back, events and games, and more. You should speak with your attorney if you have a significant credit card rewards balance. They will help you understand if you should include it in your balance sheet.

Season Tickets

Your family’s season tickets to various forms of entertainment, including sporting events can be incredibly valuable in a divorce. They can also be difficult to replace. You should consider the tickets for any reserved box in the current year or a ticketing system that allows you to renew them. You should ask your attorney about how these assets can be valued and added to the balance sheet.

Capital Loss Carryover

Capital loss carryover allows a taxpayer to reduce the overall tax burden. You can use a capital loss to reduce your taxes the next year. Moreover, capital loss carryover in a divorce can result in extremely complicated calculations. Working with a skilled divorce attorney is the best way of managing these complicated assets.

Our Trusted Family Law Attorneys Can Provide You with Strong Legal Advice and Support. Call Now.

The experienced divorce attorneys at the Smith Law Firm can help you receive successful results in all family law matters, including property division. Our attorneys will work with you to identify all valuable marital assets and negotiate on your behalf to divide them in a fair and equitable manner.

To schedule your free case review with our lawyers, call us today at 334-377-1674 or contact us online.