Important Assets That Often Go Undetected in Divorce Proceedings
Marital property and asset division plays an important role in divorce proceedings. Decisions made have the potential to impact you, your financial security, and your ability to recover in the months and years to come. It is important to get legal guidance in regards to these matters from an experienced Milltown divorce attorney before signing any documents or entering into any agreements. This can help prevent potentially valuable assets from being overlooked or not included as part of your settlement.
Dividing Marital Assets in Your Divorce
Under New Jersey’s divorce statutes, any property and assets earned, acquired, or otherwise accumulated during your marriage are subject to equitable distribution. In determining who gets what in your divorce settlement, factors that will likely influence the judge’s decision include the length of the marriage, each person’s individual income and assets, and their contributions during the time they were together. One of the first steps in reaching an equitable agreement is providing a complete inventory of all assets and property you possess. This includes:
- Real estate;
- Motor vehicles;
- Household items;
- Personal belongings;
- Bank accounts and investments.
To ensure all of these assets are included, our attorney will carefully guide you in completing an inventory. While obvious items, such as homes, cars, and savings accounts, maybe the first thing on your list, there may be important and valuable items you overlook.
Marital Assets You May Overlook
With so much to consider when going through a divorce, it is understandable to forget certain items when creating a marital property inventory or to overlook their value. Unfortunately, this could have a major impact on both your current and future financial security. Getting the maximum amount you are entitled to in your settlement plays an important role in divorce recovery. The following are common types of items that are often overlooked:
- Country club memberships: While subject to equitable distribution in divorce proceedings, country club memberships cannot be divided. This means that if your spouse keeps the membership, he or she will need to pay you the value of your share.
- Antiques: Items that were handed down from other relatives or picked up in yard sales may have increased considerably in value. Be sure and have these items appraised before listing them in your inventory.
- Collectibles: These can also increase considerably in value. Check current market values on sites such as eBay and consider what they might be worth in the future.
- Recreational or hobby items: Your spouse may have spent considerable amounts of money investing in recreational items. Such as vehicles, hobby equipment, or craft supplies over your marriage. You are entitled to a fair share of these items.
- Burial plots: If you made estate plans, they may have included burial plots and pre-paid funeral expenses. Check the value of these items and make the necessary changes.
- Business assets: If your spouse owns a business, you may be entitled to a portion of the profits. Along with the value of any inventory, or reimbursement for unpaid labor and intellectual property.
- Retirement funds: These are among the most overlooked marital assets. Be sure to include funds you may be entitled to from your spouse’s past employers, as well.
Get Professional Legal Guidance From Our Middlesex County Divorce Attorney
The Law Office of Jordan B. Rickards, Esq. provides the trusted legal guidance you need when going through divorce proceedings. To discuss your options, call or contact our Milltown marital property division attorney and request a consultation today.