In a divorce scenario, the division of assets must always get scrutiny. When separating, longtime couples with significant assets should know about the obvious ones, including the house, any investment real estate or second homes and, of course, retirement accounts.
However, sometimes, certain assets that are right under their noses get overlooked or even taken for granted. Some people assume that the asset belongs to them, so no discussion is necessary. So what really happens with the family pets? The prestigious country club membership? Or the sentimental and valuable Houston Astros season tickets?
Frequent flyer mileage, work bonuses
Every asset must get reviewed in divorce, and battles may even occur over some of them. Here is a list of the more common assets that couples overlook or simply make assumptions as to whom will get them:
- Pets: Some consider pets a part of the family, and there have been some knock-down, drag-out fights over them. Can you come to a reasonable agreement or even visitation regarding your dog or cat?
- Club memberships: Maybe you are long accustomed to the benefits of and the social engagements stemming from memberships to private country, swimming or tennis clubs. Many such clubs require members to purchase shares to join.
- Sports and events tickets: Many of these tickets may hold sentimental value after having gone for years to Houston Rockets and Astros games, or enjoyed evenings out at the orchestra or theater. These season tickets are valuable, too.
- Frequent flyer miles: Business and pleasure trips abroad and domestically on airlines bring this issue to the forefront. Which spouse will secure this coveted perk?
- Timeshares: Not always the best investment, timeshares provide getaways of a week or two to popular destinations such as Mexico, Hawaii and Colorado. Selling it is an option, but that likely proves costly.
- Work bonuses: Perhaps your company offers incentive bonuses or bonuses tied to how well the company performed during the year. This can represent a great amount of money. Courts may consider a bonus as a marital asset even if you have the amount deposited in an individual account.
- Storage units: Sometimes filled with boxes of photographs, papers along with collectibles, furniture and antiques, storage units often hold unexpected treasures.
Please make sure to carefully review every asset accumulated during your marriage. It may be easy to overlook some but understand the value that they hold.