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Don’t forget about these 5 assets when dividing property

On Behalf of | Aug 15, 2018 | Property Division |

If you are getting divorced or considering filing for divorce, you likely have thought about what that decision means for your property. You probably think about whether you will keep your home, your car, your retirement savings and the money in your bank accounts. 

These are all among the most valuable assets that most people have. However, they may not be the only properties eligible for division in your divorce. 

  1. Your pet – Yes, in the eyes of the law, your pet is property. This means that while some judges are sympathetic to the emotional elements of pet ownership, the courts could award it to one person in the same way they would award a piece of furniture. Depending on your relationship with a pet, that may not sit well with you. If that’s the case, consider discussing pet custody outside of court to find an agreeable solution.
  2. Your personal property – Everything inside your home is eligible for division if it is marital property, from your electronics and furniture to your appliances and wedding china. Dividing personal property involves itemizing everything and assigning a value to each piece. You can then divide items you want to keep or divide the profits made from selling the property.
  3. Memberships – Gym memberships, streaming services subscriptions and golf or country club memberships can all be part of the divorce settlement as well. Typically, if there was one primary user of the membership, he or she can retain it. However, before you decide to keep this, consider whether you have the financial resources to continue paying for it.
  4. Benefits and rewards – You may have racked up frequent flier miles and other rewards through credit card or loyalty programs. These can be eligible for division in a divorce if they are marital assets.
  5. Digital assets – Cryptocurrency, music and movie libraries, photos stored in the cloud and inventory on sites like eBay or Etsy all have monetary value and warrant discussion when it comes to negotiating a divorce settlement.

These are just five examples of property people often overlook or minimize during a divorce. This can be a costly mistake when dividing assets, so it is important to discuss these and all other property with your attorney.