Going through a divorce can be extremely emotional and overwhelming. One of the most difficult issues to tackle is that of property division. Separating marital property may seem like a daunting task, as it can be hard to part with things that you have collected throughout your marriage. Yet, it is important to understand everything that constitutes marital property so that you can receive everything you are entitled to in the divorce settlement.
While you may think of marital property as the family home, vehicle, furniture and contents of your bank account, there are other items that may not be as apparent. These include the following:
Extensive collections, such as art, antiques, cars, coins, wine and horses
Lottery ticket winnings, income tax refunds and term life insurance
Travel reward points and airline mileage rewards
Intellectual property, such as patents, copyrights and trademarks
Golf course and country club memberships
Stocks, retained earnings from previous jobs, 401k plans and capital loss carryover
Any money or property lent to a third-party during the course of the marriage is considered marital property as well. Once the item is returned or debt is repaid, it should be divided between spouses, unless another agreement is made. Any gifts you and your spouse gave to one another during the course of the marriage are also eligible for division in the divorce. If you are going through mediation, you and your partner may be able to come up with your own plan for dividing property.
This information is intended to educate and should not be taken as legal advice.