When going through a divorce, couples usually remember to split up common assets such as cars, houses and bank accounts. However, there are some types of property that they forget to include in their divorce, which can lead to complications down the line.
You likely have some assets that you don’t think about often. These hidden assets, however, still need to be addressed in the divorce. Here are some of the most commonly forgotten assets.
While not as many companies offer pensions as they did in the past, state and federal jobs certainly do. Therefore, if you or your spouse works for the government, you’ll need to include this compensation in your divorce proceedings. Even though you may be decades away from retirement, you’ll still need to split this future income with your spouse.
But how do you split it appropriately? You might see an estimated payment on your pension statement, but it may not be accurate. Things change. Companies change hands and even file for bankruptcy. The actual valuation of your pension could be higher or lower. Make sure to have an expert do a complete evaluation before you try splitting it up.
Some companies — particularly those in the banking and finance industries — offer restricted stock units in lieu of bonuses and other forms of extra compensation. These stocks are deferred compensation often tied to length of service. For example, you may not become vested in the stock until you have reached your fifth anniversary with the company.
Splitting these stocks can be complicated, as they can be structured in various ways. Some companies handle them differently from others, Plus, restricted stock units often cannot be transferred to another party, complicated things further. If you don’t want to cash them out, another option is to offer another asset of similar value instead.
If your spouse served in the military, there are rules that determine whether or not you will be entitled to any benefits after a divorce. To keep your benefits, you have to have been married for 20 years or more, your spouse has to have served in the military for at least 20 years and the military service and marriage have to overlap by 20 years or more.
You also need to fill out the appropriate paperwork. Also, do not waive any rights. Get help from a lawyer who focuses on military divorces.
You or your spouse may have invested in bitcoin and other alternative forms of currency. There are various ways to hold it and valuing it can be complicated, as it can be volatile. Since cryptocurrency is still not very popular, it’s a good idea to get advice from a professional who specializes in valuing bitcoin and similar currency.
Divorces are complicated and often involve various assets. Make sure you don’t overlook anything.
Make sure your divorce is fair. The Columbia divorce lawyers at The Law Offices of Todd K. Mohink, P.A. can help you identify assets and debts. To schedule a consultation, call (410) 774-5987 or fill out the online form. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044