Do Not Overlook These Assets in Divorce

 Posted on January 30, 2024 in Family Law

Many divorces involve the division of assets and property the couple has acquired during the marriage. Although that usually involves financial accounts (i.e., checking, savings, 401(k)), real estate (i.e., marital home), and other property (i.e., vehicles, boats), there are other assets that should be included in the marital estate division that a lot of couples do not realize. The following is an overview of some of those assets. For more detailed information if you are ending your marriage, contact an Illinois divorce lawyer.

Frequent Flyer Miles and Rewards Points

In today's world, many couples accumulate significant amounts of frequent flyer miles, hotel rewards points, and other travel-related perks. These assets can be valuable, especially for people who travel frequently for work or pleasure. In a divorce, these rewards can be divided or assigned to one spouse, but their value must be included in the marital estate.

Intellectual Property

Intellectual property, such as patents, trademarks, and copyrights, can hold considerable value. If one spouse created or contributed to intellectual property development during the marriage, its division should be addressed during divorce. This may require the valuation of the intellectual property, and the resulting value can be considered when dividing the overall marital estate.

Cryptocurrency

The rise of cryptocurrency has introduced a new layer of complexity to divorce proceedings. Cryptocurrencies like Bitcoin can be difficult to trace and value accurately. It is essential to identify and account for any cryptocurrency holdings during the divorce process.

Social Media Accounts and Digital Assets

Social media accounts, blogs, and other digital assets may have value, especially for those with a significant online presence. In some cases, couples may have jointly managed these accounts or contributed to their growth. Divorce settlements can include provisions for dividing or transferring ownership of digital assets.

Memberships and Subscriptions

Memberships and subscriptions to clubs, gyms, or exclusive services can have financial implications. These assets may have been acquired during the marriage and can be included in the overall asset division process. This includes any associated fees, transferability, or buyout options that may exist.

Personal Collections

When many people think of collections, they often think of items such as fine art, wine, jewelry, and similar items. However, many other types of collections can be just as valuable. Retro toys, videogames, and musical instruments can also be items that a spouse collects that have a high dollar value and should be included in the marital estate.

Contact a DuPage County, IL Divorce Lawyer

If you are ending your marriage, you want an aggressive Lombard, IL divorce attorney advocating for you and protecting your financial interests. Call Mevorah & Giglio Law Offices at 630-932-9100 to schedule a free consultation to find out what options you may