Changing Lives,
One Client At A Time

During the divorce process, some valuable assets may be forgotten

Divorcing Massachusetts couples know they will need to make a number of significant decisions on the way to dissolving their union, including division of assets between the two parties. When asked by their attorney to list all assets, most people will easily remember to include the marital home, investments, bank accounts and the like. However, the divorce process is typically an emotional and difficult time; therefore, some assets that hold monetary or sentimental value may be easily forgotten.

Divorcing individuals are wise to consider their intangible but valuable assets. For example, many exclusive clubs have long waiting lists, and their memberships hold value. Because of this, if the couple holds such a membership, they should decide who will keep it. As well, individuals should consider any credit cards they have in which reward points have accumulated and either divide the points or determine the value of them. Also, given the current technology, many couples share digital accounts, such as Facebook, and should consider who will retain ownership rights to these accounts.

In addition to the obvious family home and vehicles, people listing assets should consider a few other tangible items. For example, one person may have a prized collection of antiques, stamps or art work that he or she would be smart to have appraised. Also, pets typically hold a great deal of emotional value as members of the family, even if they do not hold monetary value. Finally, even in this digital age, some couples still have printed photographs of their children, and assuming each parent will want some of these, they will have to decide how they will be divided.

When people are going through a stressful time such as divorce, they can easily overlook many important factors. Therefore, divorcing Massachusetts couples are smart to heed reminders such as these that help to ensure each person emerges from the divorce with everything to which he or she is entitled. As well, a skilled family law attorney can provide important legal guidance throughout what can be a challenging process.

Archives

FindLaw Network