Don’t Forget These Assets During Divorce
One of the most difficult aspects of divorce is property division. Even when a couple generally agrees on who will retain which asset, the process can still be difficult, as it requires accounting and identifying all marital and non-marital assets and obtaining appraisals. While most divorcing couples don’t forget to include bank accounts, real estate, vehicles, and investments when listing assets and drafting settlement agreements, it is not uncommon for some assets to be overlooked or undervalued. To ensure that this does not happen to you and your spouse, you should consult with an experienced property division attorney who can ensure that your assets are properly identified, appraised, and distributed.
In many cases, couples are so concerned with deciding the fate of the family home, determining who will retain which vehicles, and accounting for all investments, that they forget to appraise certain assets, including:
- Home furnishings, such as furniture and textiles;
- Valuable collections, such as classic cars, rare coins and stamps, antiques, wine, and art;
- Animals, including not only pets, but also livestock, which can be very valuable;
- Marital gifts;
- Benefits from a previous employer, such as retirement accounts, stock options, pensions, or restricted stocks;
- Memberships to golf courses, country clubs, or gyms;
- Intellectual property;
- Loans to family members or friends;
- Jewelry, including gifts and family heirlooms;
- Digital assets, including websites, blogs, and cyber currency like Bitcoin;
- Term life insurance plans;
- Capital loss carryovers from past tax returns;
- Travel reward points, such as frequent flyer miles;
- Keepsakes and photographs, which may only have sentimental value, but should still be included in a list of assets; and
- Burial plots.
While some of these assets, such as keepsakes and photographs may only have sentimental value, others, such as art collections, memberships, and term life insurance policies can be quite valuable. For this reason, it is extremely important for divorcing parties to carefully evaluate all of their financial holdings and assets if they decide to dissolve their marriage. In Florida, a divorcing couple’s assets must be divided equitably between the parties. This doesn’t necessarily mean that property must be divided equally, so it is critical for those who are going through a divorce to have a thorough list of their assets, as failing to account for items like home furnishings or antiques could result in one party receiving an unfair settlement. It is also important to ensure that all assets are appraised by a qualified specialist. Although the parties will be required to pay for these appraisals, doing so is crucial when it comes to making sure that assets are divided fairly.
Call Today for a Free Case Evaluation
If you and your spouse are thinking about dissolving your marriage, you need the advice of a divorce attorney who has the resources and experience to ensure that all of your assets are identified, appraised, and properly divided. Please call dedicated Fort Lauderdale property division lawyer Sandra Bonfiglio, P.A. at 954-945-7591 today to learn more about how our legal team can help you.