Wealthy divorces often lead to the unraveling of a complex amount of shared assets. Beyond the obvious types of assets (income, home, vehicles, etc.) couples should also consider the more unusual types of assets. When you are dividing a marriage, everything needs to be considered, including the pets, and the vacation homes.
A forensic accountant is often relied upon when divorcing couples find themselves going to trial. The details of financial matters are scrutinized under the magnifying lens of a forensic accountant. The couple’s marital assets are carefully combed for any type of item that has any perceived value.
Here are some items that might surprise you that you could become entitled to after divorce.
- Cemetery plots – Did you purchase side-by-side cemetery plots? How much were they and what are the details of refunding or cancelling your purchase? Perhaps the plot is where you or your ex-spouse have family history. This needs to be included in your financial analysis.
- Country club/golf course memberships – Many exclusive country clubs and golf courses carry expensive initial fees and annual costs to keep up the membership.
- Lottery winnings – lottery winnings purchased during marriage is considered division-able.
- Travel reward points – Yes, even the reward points are worth looking into. Frequent flying and accumulating rewards are worth settling an entitlement to during divorce.
Divorce settlements can get messy, but it helps when you have a good team of qualified legal and financial professionals. They can help you determine what the courts will consider as “marital property”, “gifts”, and entitlements. You never know exactly what you will be walking away with unless you have the right team to guide you through the process each detail at a time.