Commonly Overlooked Assets in Divorce
For many couples, dividing the marital assets will take the most time and effort of any component of the divorce. Even so, there are some commonly overlooked assets that never even make it to the divorce mediation table. These assets can cause problems if left unaddressed in the separation agreement. Here are some assets commonly overlooked in divorce discussion.
Antiques and collectibles.
Chances are, you and your spouse have a few collectibles lying around. Those old comic books or records you have in the attic may have some worth, so why ignore it? Gather up your collectibles, and give them a gander. Are they in good condition? Can you get them appraised? Do you even want to keep them? Divorce is a good chance to dust off your collectibles, and sell them to split the proceeds. This saves time, money, and space as you separate your lives and start fresh.
General household items don’t appear very valuable because we amass them over time, but they are commonly overlooked assets in many divorces. It is very easy to neglect the hidden value in these items because you may have gotten them as wedding gifts, from garage sales, or just piece by piece as you grew your life together. Don’t get caught up in trying to find a fair market value for each and every appliance. Loose estimates will do here unless you have anything of particularly high value. Don’t underestimate how much a household of goods can influence an asset division. Think about what you would need to replace if you moved out and took nothing with you. It won’t take long for you to realize that your household items are very valuable indeed.
Bonus program balances such as traveler’s points and credit card miles.
Many people accrue traveler’s reward points or credit card miles by using certain cards for certain purchases. Don’t forget about the balances in the divorce. While you may not be able to easily divvy up the points, you can ensure a fair trade off if one of you keeps the balance in lieu of other assets.
If you carried over last year’s tax return to apply to this year’s taxes or if you have a return coming to you this year, take those funds into account in the asset division. It can be hard to remember this during the divorce if it isn’t tax season or if you usually have an accountant handle your taxes.
Make sure you don’t overlook any assets in your divorce. Consult with an experienced Massachusetts divorce mediator if you and your spouse need some information and guidance on property division. A mediator can help you figure out what commonly overlooked assets you may have and assist you with negotiating an agreement on their division.
Do you have questions about dividing your assets? If so, Mediation Advantage Services can help you. Experienced in divorce mediation, Polly A. Tatum can help you and your spouse identify and divide your assets for a fair divorce. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at (508) 795-1557, fill out our online form, today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.