Divorcing couples tend to focus on the most obvious marital assets, such as the family home, vehicles and joint bank accounts. However, many forget to address other important assets that could hold significant value.
Acknowledging these overlooked marital assets can make a huge difference when dividing property during the divorce process.
Retirement accounts
Even if one spouse opened a retirement account before the marriage, any contributions made during the marriage may become marital property. Pensions and 401(k) plans can become points of contention if you do not address them. Both parties may have a right to a portion of the retirement benefits, even if only one spouse contributed to the account.
Business ownership
If either spouse started or ran a business during the marriage, that business could be subject to division. Even if only one spouse managed or operated the business, the other may have contributed indirectly, making it a marital asset. Properly valuing the business is necessary for a fair division.
Personal belongings
Couples often overlook personal property such as artwork, jewelry and collectibles. These items may have increased in value over the course of the marriage. If both spouses contributed to their purchase, or if they appreciated in value during the marriage, these items could be marital property.
Insurance policies
Depending on an insurance policy’s type and terms, the accumulated cash value may be subject to division. It is important to consider how you will handle life insurance policies during the divorce, especially if you have children to consider.
Debts and loans
Credit card debt, personal loans and other types of financial obligations are also part of marital asset division. Florida courts treat marital debt like any other marital asset, so both parties may be responsible for repaying a portion of these debts.
Overlooking any of the property you share with your soon-to-be ex-spouse can lead to disputes and financial issues during the divorce process. Take the time to account for all properties, accounts and debts to ensure an accurate and fair distribution of assets.
