Divorce proceedings are difficult, both financially and emotionally, and with all of the issues and questions swirling around in your head, night and day, it can be easy to forget about some of the property that you own that qualify as marital assets. When an individual is listing marital assets, he or she always remembers the big items, such as the marital home, the vehicles, retirement plans, and bank accounts. However, the items that you may overlook can be quite valuable, and can pose problems in the future if not disposed of through the divorce proceedings.
Commonly overlooked assets may include the following:
- Antiques – Most antiques have some value, which can make them important to consider in the property division process, so long as they were acquired during the marriage. However, an antique that one spouse inherited or received as a gift from a relative may not constitute marital property.
- Memorabilia and sentimental items – Many of these items are valuable from a sentimental perspective than a monetary perspective, but possession of these items may be hotly contested, so it is important to have decisions about them made prior to finalizing your divorce.
- Burial plots and prepaid funeral/burial services – These tend to cost a lot of money, so retaining these assets after the divorce can be essential to one’s future budget.
- Pets – While some purebred animals have monetary value, they tend to have more sentimental value than anything else. However, pet disputes during divorces are not uncommon these days, so ownership should be decided early on in the parties’ separation.
- Joint tax refunds from prior tax years or the current tax year – During a divorce, it may be difficult to focus on all issues and remember all money that you may be owed. Filing a joint tax return in the midst of a divorce is not easy or ideal, but as a tax refund could be several thousand dollars, it is an important asset to consider.
- Intellectual property, including patents, trademarks, and copyrights – Again, these assets are easily overlooked, particularly if they were obtained early on in your marriage. These very well may have value and an income stream, so their disposition in the divorce is necessary.
- Pensions and deferred compensation plans – Most employers offer various benefits, and it is important to take all of those benefits into account in the property division process.
An Atlanta divorce lawyer at Shaw Law Firm LLC can give you advice and ensure that all marital assets are included in your divorce proceedings.
Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.
Scott Shaw is founder and principle of Shaw Law Firm LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.