In a divorce, dividing assets can be difficult and time consuming. It is important to create an asset inventory, often called a “balance sheet.” This document will outline the parties’ assets and liabilities. Every divorce balance sheet will look different but it is essential to not overlook assets. Common assets include bank accounts, houses, cars, recreational vehicles, life insurance policies, and cash. However, the balance sheet may also include some easily overlooked assets such as sports tickets and jewelry. Assets should be included in the final judgment and decree to avoid future confusion and conflict.
Sport Tickets. Avid sports lovers may have season tickets or long-term rights to stadium seats. While this may seem insignificant to some, the value of sports assets can be high and can have sentimental value.
Security Deposits and Prepaid Rent. When you apply for an apartment or a rental, a security deposit and first and last months rent is often required. This asset is often forgotten until a party moves from a rental. However, the asset can add up to a few thousand dollars and should be included on your balance sheet.
Frequent Flyer Miles. For those who utilize credit card promotions for frequent flyer miles, the savings can add up. Some frequent flyer miles can be divided between the parties depending on the airline agreement.
Collectable Items. Whether a party collects vintage baseball cards to a coin collection, the value of the assets will need to be included. An expert sometimes needs to be used to establish an approximate value for the collection.
E-Currency. Bitcoin and other forms of electronic currency can be easily overlooked because they are not tangible objects. The market for e-currency has vastly grown in recent years and can hold large value.
Bonuses. From quarterly bonuses to end-of-the-year bonuses, the amounts may be considered a marital asset and may be subject to division between the parties. The bonus can be a marital asset even if it was deposited into a non-joint account.
Jewelry. It is no surprise jewelry can have high value. Amidst a divorce, it can easily be forgotten. Jewelry will generally need to be appraised by an expert to find its true worth. If the jewelry was obtained prior to the marriage, a pre-marital claim may be present.
Whether you are looking to divorce or have questions about commonly overlooked assets, contact our office today. Our experienced divorce attorneys have handled hundreds of divorce cases in the metro area involving unique assets. Contact our office today at (763) 323-6555 or by submitting an online contact inquiry through our website. We look forward to speaking with you.