Berman & Asbel, LLP

Think You Don't Have Assets to Divide in Divorce? Think Again

One of the most costly mistakes you can make in your divorce is to undervalue yourself and your marital assets. By not understanding what you have and what you deserve, you are putting yourself in a position to get less in the marital distribution.

For instance, you might think that you and your soon-to-be ex simply don't have any assets worth dividing. Based on this assumption, you might just agree to split your bank account in half and go your separate ways. However, below we examine three types of assets you could be neglecting.

Hidden Assets

Without careful inspection of your financial situation, your ex could get away with hiding assets from you. He or she might have an undisclosed bank account; there could be major purchases from your marriage that he or she hid from you; he or she might have gotten a bonus at work without telling you. To find these assets, you should closely analyze your finances, perhaps with the help of a financial analyst.

Seemingly Insignificant Assets

Personal property will be divided in your divorce, and the value of this property can be higher than you think. Make a checklist of your property and include things like:

  • Furniture
  • Wedding china
  • Artwork
  • Jewelry
  • Cars and recreational vehicles
  • Guns
  • Collectibles and collections
  • Computers, tablets and other digital devices

Financial Assets

Financial assets can be easy to overlook at first. They may not be easily accessible, and they may not be finite. Think about retirement accounts, investments, and future earnings on certain marital property. Also remember that marital debts are eligible for distribution, so don't forget about these as well.

Considering all the property and money that could be at stake in your divorce, it would be a mistake to assume you have nothing to divide. To ensure you have taken into account every asset before agreeing to anything, and to pursue the fair settlement you deserve, you can work with an attorney who can help you navigate the property division process.

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