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Pets and season tickets among the overlooked assets in divorce

On Behalf of | Dec 1, 2021 | Division of Assets

Divorce involving high-asset couples can be complicated because of complicated assets. We know of the obvious assets such as stock options, real estate investments and retirement accounts. However, sometimes, these couples — and any couple for that matter — overlook certain assets when dividing property.

Sometimes, a spouse makes assumptions or may assume “squatters’ rights” in efforts to claim assets such as pets, club memberships and the coveted University of Kentucky Wildcats basketball tickets. But these assets may be treasured by both. Then, they will have to amicably decide who gets them, or, if they cannot agree, may have to sell them.

Club memberships and airline miles, too

Overlooked assets may be afterthoughts, too. Here are a few such assets that should closer scrutiny:

  • Club memberships: Such assets are difficult to value, but they have some significance. They can be private memberships to country clubs, tennis clubs and swimming clubs for which couples have been members for decades.
  • Sporting and event season tickets: Maybe those Wildcats have been in the family for years and hold sentimental value. Same for the theater tickets.
  • Pets: Longtime family members, pets bring joy to many owners. But who actually owns the family dog or cat? Some divorcing couples have gone to court over this issue.
  • Airline miles and credit card reward points: You may have built up the frequent flyer mileage and credit card points that have now reached significant amounts.
  • Collections: They may include a variety of assets such as fine art, antiques, jewelry or vintage baseball cards.
  • Storage units: The items you stored away in boxes and bins may contain treasures that include family photos, genealogy documents and certain collections.

When it comes to the division of assets, make sure that everything you own gets reviewed and considered.

Find workable agreements

There are obvious assets and overlooked assets when it comes to deciding who gets what in a divorce. Leave no stone unturned when searching for and dividing these assets. Find workable agreements that may satisfy each spouse. If you cannot, some of these assets must be sold.