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Commonly overlooked assets in a divorce

On Behalf of | Mar 17, 2020 | Divorce |

There are many challenging aspects to a divorce: child custody arrangements, division of assets, keeping control of your emotions in court. When you’re concerned about certain parts of the divorce, you may overlook other elements – assets or items that slip through the cracks.

You mustn’t forget any details – no matter how big or small they might seem. The following are some commonly overlooked assets in a divorce:

  • Taxes – There can be complications with taxes in a divorce when there is significant transferring of money, property and investments. It’s essential to clear up any potential tax issues to ensure that your divorce goes as smoothly as possible.
  • Storage units – Many couples may have a storage unit full of assets such as photo albums, collectibles, and other valuables. It may be easy to forget about a storage unit until after the fact, but if you have one, the sooner you disclose it, the better. If you paid for the unit together, you must decide whether to remove everything or if one of you will continue paying until after the divorce is over.
  • Children’s saving accounts – Many parents create savings accounts specifically for their children to use for college in the future. If you and your spouse have such an account, you will have to decide which parent will continue managing the account, how to make future contributions to the account, and what will happen to the funds if your child does not use it all.
  • Pets – Of course, you probably won’t forget about your pets, as they’re an important part of your life and your family. But if you adopted a pet together during your marriage, your pet would likely be a marital asset, which are assets that are eligible for division between you and your spouse. Make sure to discuss your pets together and determine the best choice for you and your pet.
  • Debt – Most debt that you accrue during divorce is also a marital asset. Debt is easy to forget during a divorce as it’s not always on the top of your list, but you should consult with your spouse about how to divide your debt to ensure you are both able to fulfill it.

Going through a divorce can be overwhelming. There are so many different things you must take care of while also navigating a contentious relationship with your spouse. Make sure you take the time to look through all your assets, so you don’t overlook anything important.