The house. The cars. The investment accounts. The business interests. It is obvious that when a couple is divorcing these assets need to be valued and divided between them. However, there are lots of other types of assets that divorcing couples often forget to include in their settlement agreement or to ask that the Court divide them. Although these other assets may be less valuable, it is still important to include them in any final divorce resolution.
While Arizona has a specific statute that addresses how the Court will divide an omitted asset after entry of a final decree that the parties may have forgotten (either purposefully or inadvertently), it is indeed preferred to have a comprehensive resolution of all issues at the time of the entry of a final decree. This necessarily includes an allocation of all assets of the marital estate. Indeed there is no divorced couple that wants to resume negotiations or litigation after their divorce decree is finally entered. To avoid having to do so it is important to make sure that you have addressed and divided all assets in a final decree. Below is a checklist of some assets that you should make sure to not overlook when finalizing your divorce action:
- Pre-paid cemetery plots
- Airline frequent flyer miles
- Credit card reward points
- Time-share interests
- Club memberships
- Cash value of whole life insurance policies
- Capital loss carryovers from prior year tax returns
- Collectibles, i.e. watches, sports memorabilia, coins
- Patents or trademarks
- Contents of safe deposit box
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.