When working through property division issues in a divorce, it is generally easy to think of the “big” assets which must be addressed, such as checking or savings accounts, real estate, motor vehicles, and retirement funds. But there are many other assets that can be very valuable and should not be overlooked.
Some commonly overlooked assets during divorce negotiations include:
- Vacation and sick pay – The value of accumulated vacation hours and sick pay should be determined and should be examined when deciding how assets will be divided.
- Frequent flyer miles – Frequent flyer miles accumulated during the marriage can be split by either estimating the value of unused miles, assigning them to one spouse, and providing the other spouse with compensation for his or her share, or by one spouse transferring the miles to the other.
- Stock options – If one spouse has the right to purchase company stock at a reduced price, this asset can be addressed in many ways. Such stock options may have substantial value and should not be overlooked.
- Tax refunds – The manner of filing tax returns for the current or past year, and the division of any refund or liability resulting therefrom, needs to be considered and determined..
- Prepaid insurance – Many insurance policies, such as those for life insurance, disability insurance, or auto insurance are paid in advance. The value of these payments should be considered when dividing assets.
- Timeshares – In many instances, the value of a resort timeshare is not worth as much as the amount still owed on it. You and your spouse have various options as to how to handle this, and it is a subject that needs to be considered.
John Heilbrun has been handling divorces for people in the Cincinnati area, including Hyde Park for more than 30 years. He will make sure you consider all important assets when dividing property to ensure your final divorce agreement is fair and reflects your best interests.
Please contact the Law Office of John Heilbrun today to schedule your divorce/dissolution consultation. Mr. Heilbrun serves clients in the Greater Cincinnati area, including Hyde Park, Blue Ash and Lebanon.