Prepare for the property division phase of your divorce

On behalf of Barli & Associates LLC posted in blog on Saturday, April 28, 2018.

When you are facing divorce, one of the first questions that will cross your mind is how the court will divide your assets.

However, property division is not just about bank accounts and the marital home, though these are important considerations. It is a good idea to make a list of your assets, and here are five you may not have thought of.

Intellectual property rights

Do not forget to list intellectual property, such as copyrights, royalty rights, trademarks or patents. You should address these in the divorce settlement.

Memberships

Memberships to the country club or the fitness center cost money. Initiation fees and annual dues can be hefty. Add memberships to the list.

Tickets

Does your family have season tickets to baseball or football games? Did your spouse have a winning lottery ticket that he purchased during your marriage? Lottery proceeds are marital assets subject to division, but the two of you may have to enter into negotiations about who gets the season tickets.

Travel rewards

Due to frequent business trips, you or your spouse may have collected many program points, which are good at one or more airlines. Whoever gets those rewards could enjoy some luxury travel.

Pets

You may think of your golden retriever as a family member, but in a divorce, he is considered property. If keeping Rover is one of your priorities, be sure to let your attorney know.

Being well-organized

Being well-organized when the time comes to divide assets is essential. New Jersey is an equitable division state. The judge will take into consideration your age, how long you were married, the standard of living you were accustomed to and several other factors in determining how to split your marital assets. At the end of the day, the court will seek to divvy up your property in as fair a manner as possible. You may be pleasantly surprised to find how your advanced preparation serves to expedite the process.

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