Assets you don’t want to overlook as you prepare for divorce

On Behalf of | Jun 6, 2018 | Divorce

You remember your first date and your wedding day. Those were happy times. You and your spouse got along well and enjoyed each other’s company. You were both happy and shared dreams. The two of you created goals and built a life together.

Now, you’ve decided that things just aren’t working anymore. After a lot of discussion and failed attempts to rekindle that old flame, you are going to get a divorce. Your time spent together is full of memories you won’t forget. While you spent years building your life together, you now must figure out how to dismantle that life.

Figure out your assets and don’t forget the little things

As you sort through the life you’ve created, you will need to make a list of assets. When the two of you go through the divorce process, you will divide your assets. While things like the house and car are obvious, you will want to make sure you include everything. Here are some items that may slip your mind:

  • Photographs and home movies. These are precious memories that you may want later on. While some pictures of your kids are digital, you probably have some printed off. You and your spouse can go through the DVDs and photographs together. If you both want them, split the cost to have copies made.
  • Burial plots. The two of you went ahead and picked out adjoining plots when you were thinking about that whole ’till death do us part’ business. You may not want those plots now. You can either sell the plots, or one of you can buy the other out.
  • Memberships. You and your spouse paid initiation costs and your yearly dues for those gym and country club memberships. Find receipts so you can determine how they will be divided.
  • Digital items. You both like to read, so you download books onto your e-readers. You also have downloaded movies. The two of you have social media accounts. Include the value of these items in your list of assets. Talk about your social media and blog accounts to determine who will keep them after the divorce.
  • Loyalty rewards programs. You both have accumulated points for frequent flyer miles and other programs. You will have to divide these when you divorce. See if there is a way to determine value, or if the programs allow you to split points.
  • Art and collections. That collection has some value. You will need to have a professional audit the collection and determine the worth. From there, the two of you can talk about what will happen to the collection.

Keep a record of everything. Try to remain as organized as possible. In Texas, property is considered either separate or community property. As you go through items, try to categorize them as one of these types of property. If you have questions, don’t be afraid to ask them. It’s best to be upfront and communicative whenever possible.