When you’re going through a divorce, you only want what’s fair, but dividing the marital assets is often easier said than done, especially when there are a lot of them.
Even though you and your spouse are expected to be transparent about your assets during the discovery phase of your divorce, it’s easy to get focused on the big things, like houses, bank accounts and cars – and overlook others. These are a few additional things to keep in mind during your property negotiations.
Vested or unvested, you need to understand the value (and potential future gains) of any stock options in the picture.
Even those with considerable financial intelligence can have trouble sorting out the tax considerations that can come up with a divorce due to child support, spousal support and capital gains from liquidated assets.
Educational savings plans, like 529 plans, are designed to fund your child’s future education. Whoever retains ownership of these accounts has full access to those funds, however, which means that the accounts could be depleted down the road.
Safety deposit boxes
People put valuable items in safety deposits and forget about them all the time, including inherited jewelry and bearer bonds. It’s essential to make certain that the contents of any boxes are inventoried.
Airline miles and credit card points
If you or your spouse are frequent flyers, you can have a considerable amount of value in your airline miles – and your credit card points, when you use the cards regularly, can be worth a tidy sum.
The rise of digital currencies, like Bitcoin, has introduced a whole new layer of complexity to a lot of divorce proceedings. Identifying and valuing digital assets can be difficult, but it’s a necessary step in many high-asset divorces.
It’s wise to make sure that you have the appropriate support services throughout your divorce process, both in terms of legal guidance and financial counseling. Being proactive and thoughtful are the best ways to make sure that equitable resolutions are reached.