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What rare assets should you remember during a New York divorce?

During a divorce in New York, some assets are very common, and, therefore, are quite easy to remember. For example, if you and your spouse own a home and have a joint bank account, these are things that must be split between the two of you. However, there are other assets that are more rare, but which you need to make sure that you do not forget. Below are a few examples, though the list is not exhaustive.

Collections

A collection can have a tremendous value, whether it is of old coins, stamps, guns, cards or something else entirely. Do not automatically dismiss a collection as mere clutter.

Furnishings for the Home

The items that you have purchased for your home are not usually going to be worth as much as the home itself, but that does not mean they have little value. Things like paintings, antique furniture, and the like definitely deserve consideration.

Employee Benefits

The benefits that you or your spouse get from employers—and even previous employers—can be a large part of how you plan to retire. Be sure that you do not lose some of that value in the divorce, if you are entitled to it.

Marital Gifts

Couples often give each other gifts during a marriage, some of which can be very expensive. This could include things like rings, necklaces, and even vehicles. This can be a point of contention since one party will have purchased the gift, but the other party will consider it to be their property. For items of any value, but especially those with a high value, be sure that you know your rights.

Source: Forbes, "Divorcing Women: Don't Forget These Marital Assets" Jeff Landers, Dec. 21, 2014

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Sunday, October 22, 2017

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