When someone goes through the break-up of a marriage in Texas, they transition out of one part of their life into a new season. Dealing with the division of financial assets and liabilities takes time to negotiate, but divorce can be a positive change once some of these hurdles are overcome.
Determining the value of household assets, such as property, vehicles, investments, stocks, bank accounts, retirement and more, can be a challenge. In some cases, the value of some of these investments might appreciate, so looking at the current worth of some items might not be wise. Other assets include furniture, art or wine collections, luxury items and more. When making financial decisions about items, it’s important to do so rationally without a lot of emotion.
However, women might overlook a number of assets when going through a divorce. These could include benefits from a prior employer, such as stock or retirement; capital loss carryover, which is usually listed on a tax return; and burial plots, which can be worth quite a bit. Collections, even those that have been stored out of sight, such as comic books, coins, stamps or other items, might have significant value. Some of these items might be listed in a homeowner’s insurance policy.
Club memberships might also be valuable, especially if there are high costs connected with joining. Couples often exchange gifts during a marriage that will also need to be divided. Separate gifts from before the marriage are not counted as marital property, but gifts given after the wedding will need to be split.
Ending a marriage can mean the division of all types of property. A family lawyer might know what times of items a person could overlook and might be able to help couples reach an amicable agreement.
Source: Forbes, “Divorcing Women: Don’t Forget These Marital Assets“, Jeff Landers, October 16, 2013