When you and your spouse are breaking up, you have a lot of financial concerns. You may feel nervous about how the property division process will play out. Chances are you are thinking about some of the most obvious assets, such as the family home, vehicles, bank accounts and retirement plans.
While these are important assets to consider, you do not want to leave other ones behind. Here are some pieces of property and sources of income you should not neglect in your divorce settlement.
1. Collectibles
You or your spouse may have some type of collection, such as the following:
- Antique furniture
- Artwork
- Stamps
- Coins
- Comic books
- Music memorabilia
- Election memorabilia
- Sports memorabilia
These items may have significant monetary value. Factor any collections into your property negotiations.
2. Digital assets
In this day and age, digital files and online accounts can be sentimental and even profitable. If either of you run blogs or own websites, make sure you consider them. Additionally, think about any digital pictures or videos.
3. Capital loss carryover
Take a look at your tax returns to find this. Capital losses can be carried to future years. If this loss happened during your marriage, you should address it.
4. Intellectual property
Some examples of intellectual property include copyrights, patents, trademarks and royalty rights. If either of you owns any kind of intellectual property, make sure you account for them. They may generate a significant amount of income in the future and you do not want to miss out.
5. Tax refunds
If your divorce takes a long time or it occurs during tax season, you may have pending tax refunds. Do not make the mistake of overlooking this crucial source of money.
6. Memberships
You or your spouse may have a variety of prepaid memberships:
- Gyms
- Country clubs
- Golf courses
- Auto clubs
Do not underestimate the value or importance of these memberships when you are splitting up your marital estate.
