With more than 30 years’ experience handling Michigan divorce cases, sometimes we think we’ve seen it all—the division of houses, cars, and the obvious big-ticket items. However, what often catches our clients off guard are the easily overlooked assets in a divorce. Here, we’ll explore some of these hidden treasures and why they matter in the long run.
Marital Property: More Than You Think
Marital property includes all assets acquired during the marriage, but it can also encompass pre-marriage property that increased in value through joint effort, as well as intellectual property with future potential. It’s not just about tangible items; intangible assets play a significant role too.
Easily Overlooked Physical Assets
First, let’s talk about pets. They may not be the first thing you think about, but for many, pets are family members. Deciding who keeps the family pet can be a critical and emotional part of the divorce process. If children are involved, their attachment to the pet may influence this decision. In Michigan, divorce courts think about animals only in terms of their monetary value despite the possible emotional attachment you may have with your fur baby.
Other physical assets that might slip your mind include photos, storage units, safe deposit boxes, and collections. These items can carry significant sentimental value in addition to their financial value and should not be overlooked.
Financial Assets: Digging Deeper
Financial assets can be tricky. Smaller retirement accounts or pensions from past jobs are often forgotten. Make sure these are accounted for to avoid leaving money on the table. Trusts are another area where oversight can occur. If a trust is considered marital property, it needs to be divided equitably under Michigan law, and working with a financial professional can help in assessing their true value.
Digital currencies are increasingly common and can be easy to forget during asset division. Don’t overlook these modern investments.
Miscellaneous Joint Assets
Over the years, you might have accumulated various subscriptions or memberships—to clubs, gyms, golf courses, or online services. Season tickets to see the Lions, Tigers, Pistons, Wings or for the Big House all have value. These can add up financially and should be considered during the divorce. Timeshares or vacation properties, which carry both financial and sentimental value, also need to be addressed.
If you’ve been contributing to a college savings account for your children, deciding who will manage it post-divorce is crucial. Additionally, any intellectual property—like a book, business, or invention—needs careful consideration. Patents, copyrights, and trademarks are valuable and should be part of the asset division process.
Finally, don’t forget about credit card rewards, such as airline miles and hotel points. These can be substantial and should be divided fairly.
At The Kronzek Firm, we understand that divorce is challenging. Our goal is to help you retain the assets you’re entitled to, including those easily overlooked ones that could significantly impact your future. Reach out to our experienced Oakland County divorce lawyers today, and let’s work together to secure what matters most to you. We can be reached at 248 479-6200.