If you’re preparing for a divorce, you’ve probably considered the fact that marital assets will need to be split between you and your spouse. You may even have a list of the assets that came to mind: your house, the family vehicles, your savings and retirement accounts.
When you’re going through divorce, however, it’s important to identify all the assets held by the marriage, so that a truly equitable split can be made. Here are the top three assets divorcing couples most commonly overlook:
- Frequent flyer miles. It’s easy to forget about these, especially if you’re not the spouse who flies most often – but frequent flyer points have value. One way to split these is to have the free tickets issued in the name of the spouse receiving his or her share, or to put a dollar value on the travel benefits and have one spouse compensate the other for half.
- Pre-paid insurance. In truth, any pre-paid asset has value that should be considered in a divorce. But pre-paid insurance is one of the most frequently overlooked. If you’ve just paid the six-month car insurance bill or an annual life insurance premium, remember that these should be valued and shared just like any other asset.
- Magazine subscriptions and professional dues. The substantial discounts offered on paid-in-advance memberships or subscriptions can be a strong incentive for the subscribing spouse to pay for a “lifetime membership” or three-year subscription from marital, rather than personal, funds. Keep an eye out for these and include them in the value to be shared out in the divorce.
The experienced Long Island divorce and family law attorneys at the Law Offices of Paul A. Boronow can help you locate marital assets, so you can settle your divorce in a way that protects you and your children. Contact us today at (516) 227-5353 to learn more.