A huge part of your divorce is the division of marital assets (defined as property acquired during your marriage by either of you). Property in New Jersey is divided according to equitable distribution factors. Assets are divided in a way that is fair, but not necessarily 50/50. Your goal should be to include as many assets as you can find or think of. Most people easily can create a list of real estate, vehicles, bank accounts, investments and valuable personal property, but there are some sneaky assets you will want to keep your eyes open for and discuss with your attorney. These include:
- Frequent flyer miles. These can be quite valuable and are often overlooked.
- Season tickets. Even if you personally never went to a single game or event, this is an asset that has value and must be divided.
- Country club and gym memberships. These cost a pretty penny and should be included in your list.
- Intellectual property. This includes copyrights, patents, and trademarks, as well as any creative work produced during the marriage even if it has not yet earned a dime.
- The goodwill value of a business or professional practice. Most people are aware that the business or practice is marital property, but in addition to its assets, it has a value for goodwill.
- Cemetery plots and prepaid funeral arrangements. These are quite costly and will increase the overall total of marital assets.
- Stock options. They may mean nothing to you today, but stock options can have tremendous value in the future.
- Loans made to family or friends. Even though the money is not currently in your hands, it’s owed to you and must be divided.
- Tax refunds. If they accrued during marriage, they are yours to divide. Also look for capital loss carryovers in your taxes, since these can be used to reduce the taxes you owe in the future.
DeTorres & DeGeorge is ready to help you with your property division. Contact us today.