One major role your divorce lawyer will serve is to help the court determine how it should “equitably” divide major assets (and debts) between the parties. Major assets are things like real estate, bank and financial accounts, automobiles/trucks/RV’s, businesses, and retirement accounts. But is that really everything? The answer is “No.”
Other, often over-looked assets should also be considered, disclosed and equitably divided to make sure that each party is treated fairly when it comes to receiving a just share of the community-property assets as part of the final Decree. And while it is not always financially wise to pay your divorce lawyer hundreds of dollars per hour to assist valuing items of little or no value (like a used barbecue grill or flower pots), failure to “look for” often over-looked assets could create a windfall for the other party.
Here are some examples of often over-looked assets:
- Time share vacation property
- Bitcoins or similar crypto currency
- Safe deposits box contents/precious metals/gold
- Sophisticated computer equipment/servers
- Patents, Trademarks, Copyrights, Domain names, Blogs/Social Media Accounts/Social Media Handles, Licensing Agreements, Royalties
- Season tickets/subscriptions to major sporting events or the fine arts
- Credit card spiffs like frequent flyer miles/points/unpaid “cash-back” rewards
- Prepaid burial insurance/benefits
- Accrued but unrealized work compensation and benefits: cafeteria plan balances, bonuses, commissions, convertible accrued sick-time, profit sharing, stock options, etc.
- Country Club Memberships
- Artwork, rights related to artwork, manuscripts, music compositions, literary rights
- Sport/Performance biclycles
- Stamp collections, sports cards, and rare coins
While your attorney will (or should) know more about the law then you ever will, you as the client will know more about your life, your assets, and your spouses’ assets than your attorney or the judge ever will. Be sure that you are sharing this information and educating your attorney on what you and your spouse have acquired during the marriage so that such assets can be included in discussions for the division of the marital property.
Whether or not you have assets, if you are involved in a divorce, paternity, or legal separation case, you should secure experienced legal representation to help you navigate the court system and Arizona law.
So please call 602-282-0477 and ask to speak one of our family law practitioners like Mark H. Candioto or Susan Swick.