The divorce has you scrambling. It was not unexpected, but it still rattled you. The division of assets is a significant part of the divorce process, and you want to make sure that you retain as much as possible.
Sure, you know that you may have to sell the home that you and your spouse had built together. And, of course, you will have to say “goodbye” to certain investments as well as a portion of your retirement portfolio. But certain assets make you wonder, and if you are not careful, you may overlook them.
Airline miles and digital assets
Overlooked assets are not uncommon in divorce. In many situations, one spouse simply assumes that he or she will retain a specific asset, while the other one begs to differ. Here is a list of some of those overlooked – and sometimes, contentious – assets:
- A child’s 529 college savings plan: The parent considered the account owner has authority to make withdrawals. Since courts usually do not order parents to provide support to a child 18 or older, it is crucial to protect these funds. You do not want to jeopardize paying for your child’s education.
- Airline miles and credit card points: If this issue is not addressed when dividing property, then the spouse whose name is on the credit card or the one who assumes the debt will keep them. These points for airline miles, hotels and other rewards may be worth thousands of dollars.
- The long-held safe deposit box: Perhaps you have had this for years to store valuable assets, including stock certificates, collectibles such as rare coins and baseball cards and jewelry. Remember where the key is as well as whose name is associated with the deposit box.
- Private club memberships: For a country, tennis and swimming club memberships, you and your spouse likely forked over a great amount of money. Such memberships helped raise your social status and gained many friends. If you choose to no longer be a member, you will have to find ways to have some of your investment returned.
- Season tickets: While they may have a great amount of sentimental value, they also are valuable. Who will get the Atlanta Falcons or Atlanta Hawks season tickets?
- Digital property: This is a broad range that may include cryptocurrencies and non-fungible tokens. Do not forget family photos and videos on the computer.
A careful inventory of your assets will provide a better idea as to what you have, what you want and what you are willing to give up.
Make the decisions
It is up to you and your spouse to decide what will happen with your assets. If not, the court will. And do not forget those overlooked assets. Divide them, sell them or keep them. In time, you may gain peace of mind.