On behalf of The Law Office of Gustavo E. Frances, P.A.
We get it. Getting divorced and dividing property and assets can be very overwhelming. But it is 2018, and property division in divorces is not the same as it used to be. You can do much better than dividing up such standard assets as homes, cars, bank accounts, and investments.
There are many assets many divorcing couples in Florida forget about despite the fact that these assets can substantially benefit their financial situation after a divorce. Today, we asked our Fort Lauderdale property division attorney from the Law Office of Gustavo E. Frances, P.A. to list these overlooked and forgotten assets.
In fact, these overlooked assets go well beyond such assets as employee compensation plans, life insurance policies, retirement plans, stock options, brokerage accounts, and others. These assets are often divided when divorcing individuals are represented by lawyers. But the following assets are often forgotten about in divorce:
Your spouse’s benefits from former employers
You have probably forgotten about your spouse’s benefits from the company he or she no longer works for. Let your divorce lawyer investigate whether there are any retirement accounts, deferred compensations plans, restricted stock or any other benefits from your spouse’s previous employers.
Collections and memorabilia
This goes well beyond the paintings in your house and art collections. Whether they are displayed in your house or collect dust in storage, there could be tons of valuable assets, including but not limited to books, wines, classic cars, comic books, antiques, stamps, rare gold and silver coins, sports memorabilia, and many others. In some cases, these items can be worth thousands of dollars or even more.
Although not many married couples in Florida have those, it is nonetheless important to investigate whether or not your spouse has any trademarks, patents, copyrights and royalty rights that could bring a substantial amount of money. Just because intellectual property has not generated much money during the marriage, it does not mean that they will never generate any income.
Even though home furnishing seems like one of the first assets you would divide in your divorce, surprisingly, many couples forget about it as they focus too much on the home itself. Depending on the size of your home and how much you have invested into home furnishing throughout the marriage, the home furnishing could be worth tens or hundreds of thousands of dollars or even more.
Money loaned to others
Even an experienced property division lawyer in Fort Lauderdale can forget about this one, but our skilled lawyers at the Law Office of Gustavo E. Frances, P.A., always remember about it. For example, let’s assume that your spouse loaned someone $50,000 during your marriage. And let’s assume that you are getting divorced before that someone pays back the amount. You need to make it clear in the divorce settlement agreement that the money that will paid back to your spouse after the divorce is subject to division.
You may not know much about animals or pets that your spouse cares so much about, but even a dog can be worth thousands of dollars. Other animals, like horses, can also be valuable assets.
Many divorcing couples do not realize it, but the gifts purchased during a marriage are considered marital property by Florida law. So marital gifts can be split between the divorcing couples as long as you can establish that these gifts were purchased after you got married. It may seem unfair to some, but it makes sense why marital gifts are considered marital property. After all, even if a spouse gives a gift to his or her spouse, he or she technically used their joint income to buy it.
Tax refunds and travel reward program points
Depending on when you are getting divorced, do not forget about pending or past tax refunds. These are considered marital assets under Florida law. Also, travel reward program points can be divided in divorce settlement negotiations as well.
“How do I divide the above-mentioned assets or put a dollar value on them?” you may be wondering. Good question. Let our Fort Lauderdale property division attorney investigate your particular case in a free consultation and answer your questions. Contact the Law Office of Gustavo E. Frances, P.A., by calling at 954-533-2756 or fill out this contact form.