When Massachusetts spouses are going through a divorce, it can be easy to let minor details escape one’s notice. However, in regard to the process of property division one can never be too cautious. It is easy to overlook certain types of assets, and leave those items out of the negotiation process. Such assets can quickly add up, however, and should be included in the final divorce settlement.
One category of assets that many spouses fail to consider involves benefits accrued during earlier periods of employment. If one’s husband or wife has amassed retirement, stock options or deferred compensation from a previous job, those assets are eligible for division during a divorce. A similar category encompasses intellectual rights, These may be held in the form of patents, copyrights or royalties, which can also be tied to previous employment efforts.
Another type of assets that is divisible during a divorce is money that was lent out while the marriage was intact. For example, if a couple loans a relative $15,000, then each spouse is entitled to half of the amount that will eventually be repaid. This can be difficult to document, but should be addressed within the divorce negotiations.
Each couple is unique, and as such will have their own blend of marital assets. These are just some of the assets that are commonly overlooked during the course of a divorce. For those in Massachusetts who are uncertain whether specific assets are subject to property division, a consultation with a divorce attorney can help clarify the matter.
Source: Forbes, Divorcing Women: Don’t Forget These Marital Assets, Jeff Landers, Oct. 16, 2013