Family Law Blog

Remembering the More Obscure Marriage Assets

Thursday, July 20, 2017

There isn't a couple in the world that plans for divorce, but it happens. If you are about to start your filing, then it is also time to start locating your assets. However, you first need to recognize that there are some assets that you might not be thinking about at first. Everyone remembers those typical assets like cars, bank accounts, and property, but some other assets like retirement accounts or investments, we tend to forget about.

Here are a few more unusual assets that you need to remember to look for in the event of a divorce:

  • Capital Loss - These carryovers can save a lot of money on your taxes, so be sure to check last year's tax returns to see what deduction you can take. If you find that you have a capital loss, then this is definitely something that should be brought up.
  • Land Purchases - If you or your spouse purchased land, cemetery plots, or any other shared interests together, it is time to identify them and assess their value. This is particularly important in cemetery plots since these can be particularly expensive. It is best to sort out the value of your share of the plot, or the plot altogether if you don't want to keep it. Land can be a little easier to sort out since the couple can often just sell it and split the profits.
  • Memberships - Did you and your spouse purchase a membership to a golf course, country club, or own a timeshare? These are something that people often forget about if they aren't using often, but they can be costly shared assets as well as become problematic if you ever want to use them again. Don't forget to bring them up in divorce proceedings as well as address who gets to keep the membership in question.

This is just a sample of some of the more forgotten assets that need to be addressed in divorce. If you are beginning your divorce proceedings, contact us today. Here at the Law Office of Jamra & Jamra, we know how important legal representation is in the event of a divorce. Don't get caught without representation if you want to make sure your divorce goes fairly and as smoothly as possible.