In a divorce, one of the most important aspects is property and asset division. From homes and cars to bank accounts and retirement savings, these are the primary assets you consider when you begin the divorce process. However, what about the other, more unusual assets?
You must consider other valuable items that aren’t so obvious. It is imperative to determine what assets hold great importance to you before the divorce process. With the help of your lawyer, you can discover and divide assets not ordinarily a part of property division.
The following are assets commonly overlooked in divorce proceedings:
- Pets or other animals – In Missouri, a pet is considered to be property and subject to division. Animals can hold great value due to breeding purposes. If you own livestock and horses, they can have substantial value as well. However, in Illinois, pets will be treated more like children than property, which means they are subject to partial or joint custody after their owners divorce.
- Family photos – While these may not hold any monetary value; the sentimental value is priceless. Despite living in the digital age, getting your photographs reproduced can be costly.
- Gifts – Jewelry, furniture, and even cars can be gifted throughout a marriage, which makes them subject to division.
- Collections – Whether it is china, antiques, and even baseball trading cards, collectibles can hold actual value.
- Movies and digital downloads – Some people spend hundreds or even thousands of dollars on films and music. If you are forced to replace your entire collection, the costs can add up significantly.
- Frequent flyer miles – If you always travel for work, these can really accumulate. With the soaring costs of flights, this is considered a valuable asset if many miles have been flown.
- Patents – Ideas conceived during the marriage can be subject to equitable distribution.
For more information about property division in Missouri, contact our firm and request a consultation today.