Don’t Forget About These Assets in Divorce Negotiations
Most everyone remembers the house, the 401(k) and the cars when working out their settlement agreement during divorce. But don’t forget about these assets when negotiating. Let’s not leave money on the table!
For more about dividing retirement accounts in divorce, read this.
Don’t Forget These Often Overlooked Assets
Airline Miles/Credit Card Points
Do you have a credit card that accumulates points which can be traded in for airline tickets or hotel nights? That existing balance of points earned during the marriage is a marital asset to be included in the pot to be divided.
If you used the miles frequently for family travel during the marriage, consider including a history of that usage in your marital lifestyle analysis. It might be used as an argument for additional support based on lifestyle if free travel was a large benefit.
Pets
I always recommend that you specify pet ownership, responsibilities and financial obligations (vet, pet sitter, kennel) in your agreement in order to avoid any “custody” battles. But if your pet is a purebred or is of high value, you can also include it in your list of assets.
Stock Options/Employee Benefits
Does your partner get stock options from their employer? Even if they aren’t fully vested, these have monetary value. Or what about accrued vacation time, deferred compensation or other benefits? Don’t leave them out.
Retirement Accounts from Prior Jobs
You will want to check on stock options, restricted stock, retirement accounts (401Ks and pension plans) and deferred compensations plans from your spouse’s previous employers.
Intellectual Property
Books, copyrights, patents, trademarks, research all have the potential to have value and generate future income. Consider those when negotiating and be certain to be clear about who owns them post-divorce.
Digital Assets/Websites
It’s always best to keep things clean. If either of you have a website or blog, be sure to specify who will own the accounts (including related social media accounts) after the divorce. It’s not just the business, but also the digital footprint that you will want to protect.
Timeshares
Although the resale value of a timeshare may be far less than what was paid for it, it is still an asset that should be considered. Especially if you are the lower earning spouse and might not otherwise be able to afford many vacations for your children post-divorce.
Collections and Memorabilia
Maybe that collection of stuffed owls isn’t worth detailing in your agreement, but some collections are. If you have coins, stamps, art, sports memorabilia, rare books, or antiques they likely have some significant value. Think about anything that your spouse may have accumulated during the marriage (comic books, dolls, etc…) and include it.
Storage Units
Did you move or clean out grandma’s house and put everything in a storage unit? There might be some good stuff in there – go take a look!
Cemetery plots
I don’t usually gamble, but I’ll bet you’re not keen on being buried together now that you’re divorcing. A cemetery plot is valuable and should be considered.
These are just some of the common items that folks forget to consider when finalizing their settlement agreements. Brainstorm with your team to make sure you aren’t leaving any others out.
Need More Help?
It’s what I do. If you’re worried about leaving assets out of your negotiation or could use some personal support, schedule a Complimentary 30-Minute Consultation and let’s chat. You can get to know me, I’ll answer any questions and we can see if coaching might be right for you. Just click here to get direct access to my calendar and choose a time that works for you.
Wishing you strength and wisdom,
