Overlooked Assets in Divorce

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In the event of a divorce, couples are often forced to make difficult decisions on how to divide their lives during the legal process.
This often includes deciding how to split shared property, determining how child custody should work, and discussing alimony or spousal support that may be required.
These issues are understandably volatile and can be very difficult for people to handle.
The process of divorce can be very emotionally charged, and it is important for individuals to have an experienced attorney to help protect their rights and to make sure they what they are owed in the divorce.
When it comes to the division of property, an attorney may be able to help negotiate for the property that you believe you deserve, as well as help identify any hidden or overlooked assets.
When filing for divorce, couples are usually required to list any shared property and assets they have and may be asked to divide it so that each individual receives a fair and equal share to the marital assets.
If an individual intentionally hides property (for instance, hiding a savings account from the other person in order to avoid splitting the money in divorce) the court may be able to open the case even after the final divorce decree is set and may penalize or completely remove the asset from the individual's possession.
In some cases, certain assets may simply be overlooked because they are not large community assets like homes, land, savings accounts, or other major assets common to a marriage.
Commonly overlooked assets include:
  • Tax refunds
  • Frequent flyer miles
  • Security deposits on rental property
  • Vacation pay
  • Work bonuses
  • Settlements from lawsuits
  • Timeshare units
  • Educational accounts
When going through the process of divorce, it is important to consider the benefit that identifying all assets can have.
It is important that both individuals are able to separate in the most peaceful manner possible, and make sure they get an equal share of what was obtained through the divorce process.
By listing all property that can be counted as an asset in the divorce, you may be better able to assess what you are owed in the final decree.
For more information on divorce and the division of assets, visit the website of the Houston divorce lawyers of Garg & Associates, P.
C.
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