Divorcing couples in Washington and across the nation often feel overwhelmed by the prospect of having their most prized possessions divided in a high asset divorce. Although most individuals going through a divorce know that assets like real estate and jointly owned stocks will be divided in divorce court, they often forget about more unconventional assets such as rare collections or cemetery plots.
There are many tax-related assets that may be eligible for division in a divorce that could be overlooked unless the time is taken to do a little research. Depending on the timing of a divorce, tax refunds that were filed during the marriage could be eligible for division in the divorce. The same is true of any capital losses that happened during the marriage that may have been carried over to subsequent tax years as a method of reducing taxes owed.
If one spouse was granted a trademark, patent or other form of intellectual property during the marriage, this is another asset that could be eligible to be divided in a divorce. Even if the intellectual property never generated any income during the marriage, owning a percentage of such property could be profitable if revenues are generated in the future. Credit card reward points, outstanding personal loans made during the marriage, memberships to private clubs, and even gifts exchanged between spouses are all items that can be classified as marital property and divided during a divorce proceeding.
Individuals who are planning to file for divorce may need professional help to navigate the many complex issues that could arise. Attorneys working with clients facing a divorce may be able to negotiate an equitable settlement that protects their legal and financial interests.
Source: Forbes, “Divorcing Women: Don’t Forget These Marital Assets“, Jeff Landers, October 16, 2013