The division of assets can be a contentious part of a divorce, especially if a couple has built up an impressive library of assets over their years together. When you begin this part of the divorce process, it’s important to account for everything you and your spouse have earned during your marriage. These often-forgotten assets could be worth quite a bit.
Still looking for the aggressive legal representation you need for your divorce? Call Kirk Drennan Law at 205-803-3500 to set up a consultation now.
Collectible Items and Artwork
If you and your spouse maintain antique collections or other types of collections, they could be worth more than you think. Even something that started out as a casual hobby may now have some financial value. The same is true with artwork. If you have any collections, collectible items, or fine art, seek valuation and appraisal from an expert.
Jewelry often retains its value remarkably well, and some jewelry increases in value over time. Even if your collection is just a large engagement ring and a few other pieces, get it looked over by multiple jewelry appraisers. If the jewelry has sentimental family value, you will need to decide who keeps it. If like many other divorcing people, you don’t want to enter your post-divorce life with marital jewelry, you and your spouse can sell it and divide the proceeds as outlined in your divorce agreement.
Cryptocurrency and NFTs
The rapid growth of digital currency has completely changed the outcome of many divorces. The same people who bought a few Bitcoin as a joke a decade ago now find themselves sitting on a significant amount of money.
If you or your spouse dabble in NFTs or cryptocurrency, you must discuss this with your attorney. The fact that cryptocurrency is somewhat harder to trace than standard currency means that some people will try to hide it during a divorce and keep it for themselves. If you suspect that your spouse could be hiding cryptocurrency or other assets, bring it up to your attorney right away.
If either party has earned stock options at work, you’ll need to go over them with your attorney. Stock options vary quite a bit in terms of value, whether or not they’re considered marital property, and how they can be divided. Because of this, you should disclose any stock options to your attorney right away so they can start the necessary research.
Credit Card Rewards
If you and your spouse tend to use rewards as they become available, you won’t have to worry about this asset. But if you’re one of many who accumulate rewards until you can make a large purchase, you may need to figure out how to divvy up those rewards in the divorce.
This is true for those who have airline miles on their credit card, as airline tickets can be worth a substantial amount of money. If you worry about your spouse hiding assets, get copies of your latest rewards statements right away so you can give them to your attorney. This will help you if your spouse tries to collect and use the rewards before you find out about them.
While both spouses’ regular income may be reported in the divorce, don’t forget about non-salary income. Non-salary income may make up a large part of your overall assets, especially if you or your spouse have a C-level role. In these roles, bonuses can far surpass what you earn in a year.
These assets must be fairly divided between spouses, even if one spouse works and the other does not. If this applies to your divorce, it’s important to work with an attorney with experience in high-asset divorces to help you navigate your options.
Protect Yourself with the Team at Kirk Drennan Law
If you aren’t careful during the division of assets, you could cheat yourself out of the money and property you need for your post-divorce life. Choose the team at Kirk Drennan Law to help you get what you deserve in your split. Call us at 205-803-3500 or to set up a meeting with our team.