The division of assets can be a difficult part of divorce. This is especially true when the couple has built quite a lot. During divorce, it is important to produce a list of all the assets you collectively own. However, certain assets are commonly overlooked or forgotten. A divorce attorney can help you identify what they are.
It is normal for people to focus on the biggest assets, such as a house or a car. However, other assets require equal consideration. To learn more about hidden and forgotten assets, consult with an attorney today. Meanwhile, here is a list of commonly ignored assets in a divorce. Make sure to include them in the division of assets.
Commonly ignored assets in a divorce.
Collectible items and artwork.
Antique collections, expensive paintings, and other artwork are important assets. They may be worth more than you think they are. Even if it is a casual hobby to collect oil paintings, they could be worth thousands of dollars. You should not assume the financial value of an item without consulting an expert first. If you and your spouse have any collectibles or a collection, hire valuation and appraisal services.
The family pet.
Pets are not considered assets but family members. However, they are considered assets from a legal point of view. Therefore, they become one of the most overlooked ones. It is important to decide who gets the family pet. Usually, the person who gets the home stays with the pet. However, that also comes with additional responsibilities and expenses.
Jewelry.
The wife usually owns jewelry. However, since they are bought during the marriage, they become marital property. Certain jewelry items can be very costly, particularly with the constant increase in gold prices. It is essential to talk to your spouse about family heirlooms and engagement rings. Besides, the total amount of your marital jewelry should be evaluated to understand how much each party should receive.
Cryptocurrency and NFTs.
The growth of digital currency has changed the world. Many people who bought cryptocurrency a few years back as a joke are now becoming rich. Your spouse could have a significant amount of money, and you would not even know. If your spouse has invested in digital currency or NFTs, you should discuss this with your attorney.
Credit card rewards.
When it comes to credit cards, no spouse wants to take responsibility for the debt. However, the card may also contain rewards, such as hotel points, airline miles, and others. If you do not consider these rewards, you could lose them all to your spouse.