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Assets you might forget to add to your list

On Behalf of | May 31, 2018 | high asset divorce |

You and your spouse have worked hard to build a comfortable life. You have investments, properties and loving children. You still remember the day that you got married. It was a gorgeous day full of emotions and hope. Now, the two of you have come to a point in your lives where things just aren’t working. You are going to file for divorce.

The two of you gave this a lot of thought. You tried to make the marriage work, but your futures will be better spent not in a relationship together. As you focus on uncoupling, there are a lot of questions that need answered and plans need to be made. You are currently focused on splitting up your property and want to do it right.

Make the list and check it twice

You have already begun making a list of your assets. You’ve got the obvious items down: real estate, cars and the boat. You also pulled your bank statements so you can write down what’s in each account. While you continue to make this list, you will want to make sure you include everything.

Here are some items that you might not have thought to include:

  • Frequent flyer miles. Check into your options. You can often request to have airline tickets issued in your spouse’s name. If this is not an option, you will want to figure out the value of the points and one of you can compensate the other.
  • Timeshares. The two of you could choose to continue owning the share as you do now if you can make it work. If not, you can plan to have one of you keep the share. Otherwise, foreclosing on the share might be what’s best.
  • Club memberships. The country club has a membership fee and annual dues. Depending on policies, the time of year you plan to file and where the two of you each plan on living post-divorce, you have options. You can continue the joint membership as is, or divide the costs.
  • Collectables. The two of you began a collection after you got married. If you believe the collection holds value, have it appraised. The collection is an asset that will need addressed.
  • Subscriptions. Did the two of you pay for that subscription in advance? The best deal was to pay for two years up-front. You can decide who will keep the subscription and the other spouse will be compensated. Perhaps you can find a way to share it. Otherwise, check to see if there are any reimbursement options for cancelations.

Minnesota laws follow equitable distribution methods, so other considerations might become factors when it comes to the division of your property. Even if you know that something won’t be up for division, you should still note it. If you want to be really organized, you can categorize your list by items you brought into the marriage, items you accrued post-nuptials and items you aren’t sure about.