When experiencing a separation, emotional trials can distract divorcees from focusing on their financial situations. This is a common mistake for many soon-to-be ex-spouses faced with the seemingly overwhelming task of asset division. While it may not be possible for divorcees to think of every shared asset off the top of their heads, there are a few assets that they should definitely consider.
According to a writer who focuses on asset division and divorce, it is typically best for soon-to-be ex-spouses to address the fate of these assets throughout the divorce proceedings instead of waiting until they cause issues in the future. For instance, property that couples accrued during their marriage, such as valuable art or coin collections, will most likely be subject to division even if the property was gifted from one spouse to the other or only one spouse participated in accruing the collections.
Another element that divorcees may overlook when considering asset division is intellectual property, including rights to trademarked material and patented concepts. Benefits can also become a point of contention if left unsettled. These assets can be worth a significant amount of money at the time of the divorce or later down the road, such as in the case of pensions and retirement accounts.
While this may cover a few of the assets that can divided at the end of a marriage, a lawyer may be indispensable when filing for divorce. That lawyer may be able to help ensure that families can begin their post-divorce lives on the best financial footing by helping clients out line all the assets eligible for division after the dissolution of a marriage.
Source: Forbes, "Divorcing women: don't forget these martial assets", Jeff Landers, October 16, 2013