In some divorce cases, couples overlook certain assets. Occasionally, these assets may be afterthoughts. However, often these are assets that a spouse makes assumptions about in that they have always belonged to him or her.
Ownership in such cases is not easily defined, leaving matters murky. In such instances, clarification is necessary as to which person continues to have the country club membership, New York Yankees season tickets and even the family pet.
Pets and collections
In divorce, most marital assets are easy to spot such as the family home, investment real estate and retirement investments. But here is a list of some overlooked assets that may lead to contentious battles:
- Private club memberships: Through the years, your family has enjoyed prestigious memberships to country clubs, swimming clubs, yacht clubs and tennis clubs.
- Season tickets: Not only is there monetary value in these, but a great deal of sentimental value. The list may include tickets to sporting and orchestra events as well as Broadway shows.
- Airline miles and rewards programs: Airline miles build up and can provide free tickets to certain locations. Credit card rewards programs also bring certain incentives.
- Pets: Serious fights may occur over who gets to keep the family dog, cat, cockatoo or horse. One person may lay claim to the pet without any hesitation while failing to understand the attachment the other spouse made with it.
- Collections: A variety of collections come to the forefront and may include jewelry, wine, fine art, antiques, rare books and sports memorabilia.
- Digital property: Cryptocurrency and monetized social media accounts are obvious examples that come to mind. However, do not overlook photos and videos that may have cherished memories.
There are many assets at stake in a divorce. Make sure you review everything under the sun and are thorough with this examination.
Selling, agreeing and bargaining
In certain situations, if agreements cannot be met, couples likely must sell these assets. If you can find a compromise, that is good. Otherwise, bargaining may be in order. Do not overlook anything.