Common assets that are often overlooked during divorce

| May 20, 2021 | Divorce |

Divorce can be a stressful situation for all parties involved. While you may know that when you end your marriage in Minnesota, you divide financial portfolios, boats and bank accounts, there are several other types of assets that you need to consider. There are probably more assets than you know that are available to you.

Previous employers and 401(k)s

Besides previous employers and 401(k)s, also check into stocks, other kinds of retirement accounts or employer-sponsored deferred compensation plans.

Did you give each other gifts when you were married?

Gift-giving is common in a marriage. Once you or your spouse file for a divorce, those same gifts are considered marital property. Gifts that you and your partner exchanged before marriage are not, however. Instead, those items are separate property. With that said, it is important to remember that if you two joined separate assets once you were married, they are then considered marital property.

Did you two have photographs or negative rolls?

This is something you may not have thought about due to technology such as digital photos and prints. Older photographs and negatives are a different story altogether. When you get a divorce, you want to consider any photographs you owned with your partner in the marriage and come to an agreement on who should own what. If need be, you both can agree on sharing the cost of having the older photographs copied.

Did you two have any memorabilia?

You will also have to think about what items that you have in storage at your house. Potentially valuable items include books, art, coins and comic books. Check your homeowners insurance policy for any specially noted items. If there are any, these specific items are likely relevant to your divorce settlement.

Getting a divorce can get complicated quickly, especially if the both of you share many assets. If you plan on filing for a divorce, you should take the above-mentioned tips into careful consideration when it comes time to split the assets amicably.