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There are many assets that need to be divided during a divorce

For many people in Houston, divorce is a huge, emotionally traumatic event. But people going through a divorce need to try to move past the emotions and keep in mind that divorce is partly about property division. There are so many assets that need to be divided during a divorce and it is important to remember all of them.

Most couples have complex property division issues. There are assets and debts that need to be allocated during the property division portion of divorce. Common assets include the home, investment accounts and cars. A person should also consider whether they have expensive home furnishings and art, rare coins, firearms, pets, wine collections and so on. Although one person may have shown no interest in these items during the marriage, they can all come into play during a divorce negotiation.

In addition to these assets there may be some assets that can be easily forgotten during the divorce. These include benefits that couples have from previous employers including 401(k)s, deferred compensation plans and pensions. There can be capital loss carryover where capital losses exceed capital gains. The loss can be carried over to future years, and if it happened while the couple was married it can reduce tax liability. Also if a couple has a cemetery plot, that can have value. Memberships to clubs and golf courses may also be in the settlement as these memberships often have a large amount of value. Intellectual property such as patents, royalties and copyrights can be addressed. Travel reward programs such as air miles can be a significant asset.

The marital property division portion of a divorce can be complicated. It is important for people to realize that there can be so many more assets than just the obvious house and car.

Source: Forbes, "Divorcing women: Don't forget these marital assets", Jeff Landers, Oct. 16, 2013

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Attorney Christine K. Lincoln

Christine K. Lincoln offers sound counsel and legal services to protect clients and their families facing divorce and other family disputes.

She will take the time to understand your individual needs and develop a comprehensive solution to protect your rights and interests.

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