No one plans to get a divorce, but since you’re going to move forward with yours, it’s time to start locating your assets. How can you find all of your marital assets? The first thing to do is to recognize that there are some you might not even be thinking about. Normal assets like property or bank accounts may seem obvious, but others, like old retirement accounts or investments, may not be as easy to locate. Here are a few assets you should remember to look for, even if you’re not sure if you or your spouse have them.
Capital loss carryovers are a huge money-saver for your taxes, so check last year’s return to see what deduction you can take. If a capital loss took place during your marriage, the loss, which reduces your tax liability, should be addressed in your divorce settlement directly.
If you and your partner purchased land, a cemetery plot or other shared interests together, it’s time to identify those assets and their values. Particularly in the case of cemetery plots, which can be costly, it’s a good idea to negotiate for the value of the plot if you don’t want to keep it for yourself later.
Memberships are another valuable asset that many people forget about. Did you purchase a membership to a country club or golf course? Maybe you purchased a resort timeshare that you’d like to use. Whatever it is, make sure it’s part of your divorce negotiations.
These are just a couple of many additional assets you should be negotiating for. Your attorney can help you identify others that may impact your divorce.
Source: Forbes, “Divorcing Women: Don’t Forget These Marital Assets,” Jeff Landers, accessed Feb. 24, 2017