Going through a divorce is never an easy thing. Many Florida spouses feel overwhelmed by the sheer number of things that must be addressed during the process, especially in regard to property division. There are so many details to cover, and it is so easy to overlook things as both parties rush to meet deadlines and move their divorce forward. The following assets are among the more commonly overlooked during property division, and spouses should take the time to think about whether they might be leaving money on the table in their own cases.
Retirement savings is a prime example of assets that can be overlooked during a divorce. Of course, the 401(k), IRA or pension connected to each spouse's current job will be brought into negotiations. However, many people change jobs several times of the course of their adult lives. It is not uncommon for there to be a pension or other retirement account from a job held in the distant past. Those assets can add up, however, and should be included in the negotiation process.
Another commonly overlooked asset type involves paid memberships. If a couple has purchased a lifetime membership to a country club, a timeshare or any other sort of service, that membership has value. Walking away from such an asset could mean considerable losses. It could also mean credit problems if the retaining spouse fails to make timely payments at some time in the future. It is important to discuss how such memberships should be divided during a divorce, and to take steps to remove payment obligation from a party who cedes interest in a membership.
In order to avoid missing assets during a Florida divorce, it is necessary to take a comprehensive approach throughout the property division process. This includes working with a divorce attorney who is well-versed in the wide range of asset types, and who is meticulous in combing through a spouse's financials in search of missing assets. That may seem like a lot of work at the outset, but the results could pay off for many years to come.
Source: seekingalpha.com, "Common Financial Mistakes Divorcing Women Make", Russ Thornton, June 20, 2017