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How do you correctly identify marital property?

November 24, 2021 | Asset Division, Firm News

A divorce has a lot of moving parts to it, even after you set aside the emotional hardships involved. For example, settling the separation of marital property is just one of the many things you will need to determine.

A judge presiding over your case will often determine the division in marital property, deciding based on what they consider to be fair and equitable. Understanding marital property is the first step to take in ensuring that you get your fair share.

Unusual assets

Forbes discusses different types of marital assets that some individuals may forget about in the hustle and bustle of divorce. If either of you owns a business, for example, they can include things like intellectual property like patents, trademarks and copyrights. 401k policies, life insurance, retirement plans and stocks will also fall under asset division.

Then, you have rare types of assets like lottery winnings, which also need to face division if you won before the divorce process started. The same goes for loyalty points and travel miles, as well as memberships to exclusive things like country clubs or golf courses.

Do not forget collectibles

Finally, you have extensive collections. This can include everything from rare coins to antiques, from cars to art to wine. Since most of these collections have significant monetary value by item and volume bulk, it means that it will also be up for consideration in terms of equitable asset division.

Of course, you have the so-called “big-ticket items”, too. Things like the house, car, furniture, appliances and bank accounts will also need to go through the division process.

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