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Property division should take into consideration uncommon assets

Many people divorcing in Denver may feel that dividing assets following a divorce is mostly about the marital home, retirement plans and the money in the bank. However, those who realize that property division encompasses much more than that may walk away from the union financially stronger.

An author who writes about the financial impact of divorce urges people to think about uncommon assets such as cemetery plots, club memberships, and lottery tickets. While they may be unusual to consider when divorcing, they all contain a significant value that should be included in the division of assets.

Pets are an especially important asset to consider. Although they feel like children to some, in Colorado they are considered property and subject to equitable division. As such, it is important that splitting couples take care to include custody of a pet in the divorce agreement to prevent issues later down the road.

Furthermore, it may be easy to overlook benefits that were offered by former employers, and instead solely focus on assets that have been accrued under current employment. A spouse may have 401Ks or other compensation plans that should be considered.

The expert also included other items such as family keepsakes, gifts that were given during the marriage and money that is expected to be returned after having loaned it out.

Division of marital property is complex and, in many cases, should be handled by a skilled divorce attorney. They can use their knowledge to better assist those who are divorcing, and help ensure that important but oft forgotten assets are included.

Source: Forbes, “Divorcing Women: Don't Forget These Marital Assets,” Jeff Landers, Oct. 16, 2013

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