Assets come in many forms

Some assets you rarely think about can be easily overlooked during divorce. Millions of dollars of assets are missed every year in property division calculations.

Make sure all of your assets are divided.

Sometimes in the division of assets in a divorce you can see the forest and forget the occasional tree. Make sure you don’t overlook valuable “trees” in accounting for everything that may need to be considered. Tell your divorce attorney if you have any of the items on the following list.

1. Security deposits- There may be a security deposit on the home or apartment you rented or there may be deposits paid that relate to other items like a lease on a business property, storage unit, or vacation package;

2. Frequent Flyer miles- Many of the airlines will allow the transfer of frequent flyer miles to another account or can place a monetary value on miles earned. In California, these are divided as “property” to the extent they can be valued. In the event they cannot be transferred, they can be given a value and off-set from other assets;

3. Time Shares- Because it is not real estate like a home, time shares can often be overlooked or forgotten. Be sure to include them in the property division;

4. Patents, Copyrights and Royalties- to the extent these were created or secured during the marriage or on which community property money was expended, they become marital property to be valued and considered in asset division;

5. Tax refunds- Are either of you owed a tax refund for a tax year in which you were still together? This is another item that can be easily missed;

6. Hobby or collections- Some people collect coins, stamps, baseball cards or even spoons from every state. Have these collections appraised. They may be more valuable than you realize. Hobby equipment like woodworking or other craft tools can also be very valuable;

7. Antiques, artwork, gun collections and tools can be easily overlooked or undervalued. Expensive furnishings, paintings or valuable rugs used at the office or to decorate a business need to be included;

8. Debt repayment from friends or family to whom you have lent money in the past;

9. Insurance policies- Some insurance policies have a cash value that can be a marital asset. Even some term life insurance policies pay a dividend which gives them a small cash value if liquidated;

10. Credit card points- Some credit cards have award points that can be redeemed for travel or other goods and some even pay cash rewards. Make sure your credit card statements are reviewed and document the reward points accumulated.

Failing to include all of your valuable assets may cost you thousands of dollars. Don’t be one of the divorcing couples who lose millions of dollars each year by simply forgetting to include all their assets! Make sure you alert your Family Law attorney to any other items that will need to be considered when dividing your marital estate.

Even though the court in California always retains jurisdiction to divide omitted assets in a divorce, going back to court can be expensive and stressful. Including everything will keep either side from gaining a windfall or losing out altogether.