Dividing your assets and liabilities can be one of the most contentious aspects of the divorce process. People might focus more on “winning” than on securing a fair agreement, leading them to make missteps and oversights that ultimately work against them.
For instance, if you have significant assets like real estate, boats and business investments, you could be so set on trying to keep these assets in a divorce that you overlook other potentially valuable property.
Some examples of high-value property that can require special consideration during your divorce include:
- Collections: You may have collections of art, jewelry or even action figures that can be more valuable than you think. And depending on whether you built your collection before you were married or added to it throughout your marriage, all or some pieces could be separate property. Further, a critical aspect in valuation may be keeping the collection together, which can affect division.
- Memberships: If you belong to a gym or have golf or country club memberships, these could be at the center of a dispute during a divorce, particularly when they are exclusive. Determining who retains the rights to continue belonging to these groups can depend on primary use, value and the ability to keep up with dues and other fees.
- Pets: In Maryland, pets are legally personal property. However, any pet owner knows that their companions are more like family than property. Thus, parties can argue over things like custody and providing financial support for their pet. These matters can prove to be more contentious than almost any other divorce-related issue.
- Digital property: It is increasingly common for people to have high-value digital property. This can include intellectual property rights, cryptocurrency and non-fungible tokens, as well as digital libraries and online store profits. These assets can be easy to conceal and difficult to value, making it complicated to divide them in a divorce.
These items can be more valuable than people initially realize. Thus, it is crucial to have a professional conduct a thorough examination of your assets and determine categories and values. And with legal and financial support, you can fairly divide these properties.