When it comes to the division of assets, some get overlooked or assumptions are simply made by the divorcing couple. They know that they will divide specific marital assets such as the home, real estate and retirement accounts as long as they are marital property.
But what will happen to assets considered to be in “the gray area,” the ones that do not easily fit in specific categories? They may include family pets and season tickets to New York Knicks games at Madison Square Garden. Decisions must be made.
Digital property and season tickets
Overlooked assets in divorce may be complicated to value. The list includes:
- Season tickets: Whether it be for Broadway shows, sporting, opera and orchestra events, these tickets hold great monetary and sentimental value.
- Digital property: They may include photos, videos, cryptocurrencies and monetized social media accounts.
- Memberships to private clubs: Your family may have long enjoyed memberships to country, swimming and tennis clubs. Such memberships often hold social significance as well.
- Airline miles and rewards programs: All those airline travels together and apart allowed you to build up many miles for free future trips. Your credit card usage allowed you to do the same as well.
- Collections: They may run the gamut from jewelry, stamps, rare books, wine and action figures to antiques, wine and vintage baseball cards.
- Pets: Not surprisingly, huge battles sometimes surface as to who gets the family pet whether it is a dog, cat or horse.
Make sure to leave no stone unturned when it comes to reviewing marital assets. There is much at stake.
Making decisions
You and your estranged spouse must decide what to do with these assets. If a workable arrangement is not possible, you may have to sell these assets, cherished by both of you. Agree, compromise or sell. That is what it often comes down to.
