Many of the largest divorce issues are related to your financial situation and the way that you divide marital property/debt. It’s no secret that Orange County is home to many wealthy families, and a divorce or separation can be a financial nightmare if you’re not careful. Valuations of even the most common assets can be very complicated. Forbes published an article for women regarding the assets they need to remember and we think it would be great for many Orange County divorcees, so we’ve shared the information here.
Assets you might be overlooking:
- Benefits from previous employers: this includes stock options, retirement accounts, etc.
- Capital loss carryover: check your tax returns. If losses exceed capital gains and the tax deduction allowable for a single year, the loss can be carried over to future years. The loss may also reduce tax liability.
- Cemetery plots: you probably don’t want to be buried next to him any longer, and cemetery plots can be pricey!
- Collections/memorabilia: you see it every day but forget how much it’s actually worth. Or maybe you never see them because they’re in storage but they’re quite valuable.
- Memberships: Any Orange County country club is not cheap! The Equinox in Irvine or another Orange County gym? It all adds up!
- Gifts: if given during the marriage, they are subject to be divided.
- Intellectual property: even if your trademarks, patents, etc. didn’t generate much revenue during the marriage, that doesn’t mean they won’t in the future. If it’s yours, own it.
- Lottery tickets: because wouldn’t that suck.
- Money loaned to others: did you loan someone money and tell them they could pay back either of you? That may need to be changed.
- Pets: this seems obvious, but many people don’t think about it until it’s too late.
- Photos/keepsakes: these are invaluable to many people and, when it comes down to it, this might mean more to you than most of the “valuable” items you’ve been fighting for.
- Travel reward program points- you’ll want your free miles to visit family once the divorce is over. Don’t let him take all the points.
Consult a family law attorney to review your specific situation.