Assets Commonly Overlooked in the Property Division Process
In the early phases of your divorce, you’ll need to take stock of all the assets you own so you can assist the court in developing a fair plan for the distribution of your marital assets. There are some items that are obvious — your home, your vehicles, all your credit cards and accounts and all the possessions you have. However, there are some other assets that frequently get overlooked when tallying up owned assets.
The following are a few examples of those frequently overlooked assets:
- Intellectual property: Do you have any patents, copyrights, trademarks or royalties? This is especially likely to be the case if you are a business owner. If so, make sure you determine their value and consider how they will be dealt with in your divorce.
- Memberships: Any ongoing memberships you pay for, such as gyms, country clubs, streaming services and any other type of club that requires regular fees should be considered in your property division.
- Pets: Under the eyes of the law, pets are considered property, not family members, meaning they will be subject to the property division process. Generally the court will assign ownership of the pet to the person who took the most responsibility for caring for it.
- Capital losses: Capital gains are subject to taxes and property distribution, but capital losses can also be divided as part of your divorce.
- Antiques and collectibles: Any collectible items or antiques will have a value that is notable enough to consider as part of the divorce. You may need to have certain pieces appraised.
To learn more about protecting your best interests during a divorce, meet with a skilled Long Island divorce lawyer at Bryan L. Salamone & Associates.