If you're going through a divorce, it's a good idea to sit down and think about unusual assets that you could be forgetting in your asset list. You may not know about all the assets your spouse has in their possession, but with a little creative thinking, it's possible to find more of the assets you share, so that you can get a better payout upon divorce.
Your marital assets usually consist of anything you've earned or brought into the home during your marriage. Some separate property may also have become a marital asset as a result of being commingled with shared accounts.
What kinds of assets are often forgotten during divorce?
Some assets that get forgotten include:
- Home furnishings, like sofas, artwork and even a bedroom table lamp
- Horses or other animals
- Rare coins and collections
- Classic cars or motorcycles
- Joint gifts (If you cannot prove that they were joint gifts and not gifts to one spouse alone)
You should also look for assets such as benefits from previous employers, like 401(k) plans and pensions, cemetery plots, capital loss carryovers and memberships to clubs or services. Each one of these things is an asset that you might have a claim to, and it's important that they are included on your initial list of assets as well as part of the property division process.
Our site has more on property division and the assets you need to list when you go to see your attorney. Knowing what you have is the first step toward getting what you deserve during your divorce and property division settlement.