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Six Things You Can't Forget in Property Division

Six Things You Can't Forget in Property Division

Posted By Meyers Law Group, P.C. || 28-Apr-2014

As complex as property division is, it can be all too simple to forget a greatly important asset that could be split up, until it gets added to the divorce agreement as an afterthought. If you work with a skilled divorce lawyer, this shouldn't happen of course, but as you work with a legal professional to get the results that you want in a divorce, you first have to know what it is that you want. When you are looking over your financial situation, you do not want to forget some of the complicated marital assets of which you could be owed a fair share.

For instance, you may be aware of your spouse's current financial standing, but don't forget about any of their previous employers, and the 401Ks, stock options, etc. that may have come with that. Then there are assets such as intellectual property that you must clearly mention in your divorce agreement. This means trademarks, copyrights, royalty rights, and more. There is also the fate of gifts you gave one another. These gifts are marital property if they were given while you were married; an engagement ring and other gifts before marriage are separate property. But even separate property can become marital property depending on how it is used. This is one of the main complexities of equitable distribution.

You may also want to include stipulations about pictures. While they may be digitally stored and perfectly accessible to all, you may still have old photos and their negatives. If you both want to hold onto these, you can agree to copy these photos. Then there are personal loans: if your spouse loaned out money to a brother while you were married, who will he be repaying after the divorce? It's possible that obligation would be divided, meaning that he would need to repay a certain amount to you, and another amount to your ex. Of course, there are many other complex assets that could enter your divorce, but we'll end on memberships, such as country club memberships. Even if you have no interest in the membership itself, such as if you never used a golf course membership, this is may represent a great deal in annual dues that have to be paid, another matter that could be divided between you two.

If you are facing a divorce, chances are that you need a financially astute and experienced divorce attorney on your side. If you are looking for the right divorce attorney in Long Island, you can turn to the Meyers Law Group, P.C., where our legal team has the dedication and outstanding