If you are going through a divorce, you know first-hand that there are many issues that must be negotiated when creating a divorce settlement. One of the most difficult topics to tackle may be that of property division. It can be hard to seperate all of the marital property that you have accumulated throughout years of marriage. Yet, it is crucial that you understand all of the types of marital property to ensure you receive everything you are entitled to in the divorce settlement.
Marital property involves more than your family home, vehicles, furniture and bank account contents. There are also lesser-known items that may get overlooked during the divorce process. The following may also be considered community property and eligible for division in a divorce settlement:
Exclusive memberships to country clubs and golf courses
Collections, such as antiques, cars, coins, art, wine and horses
Lottery ticket winnings and income tax returns
Term life insurance policies, 401k plans, stocks and benefits from former employers
Intellectual property, such as trademarks, copyrights and patents
Travel rewards points
You may not know that gifts given between couples during the marriage are also considered marital property and can be divided in the divorce settlement.
If you or your spouse lent money to a third-party during the marriage, you are entitled to half of that amount once it is repaid. This holds true even if it is repaid after the divorce has been finalized.
This information is intended to educate and should not be taken as legal advice.