Divorce procedures involve significant division sets of various assets such as houses, retirement funds, cars, and many more. These are some of the essential divisions of assets which are commonly found among the people. However, some assets are overlooked while dividing the properties and assets. So, in this article, we will discuss some of the critical assets that are managed in a divorce case.
If you are stuck in any divorce case, then you need to consult an experienced lawyer about the case so that they can help you get out of the case easily. There are various law firms like the Harris Firm where you can get all the legal information about divorce cases.
What are Important Assets that are Overlooked in a Divorce Case?
- Family Pet: Pets are considered family members and also marital property, but it is often overlooked by people while dividing the assets. There is also a provision for pet custody because they play a significant role in people’s lives. It is often seen that pet custody is given to the person who stays in the marital house. There can be other circumstances in the case, but generally, it is given to the person who stays in the marriage house.
- Credit Card Rewards: When there is a divorce case, you must reach an agreement about how you will distribute the credit card asset. Who will bear its cost and other details? However, in this matter, credit card rewards are often ignored. There are various hidden assets associated with credit cards, such as airline and hotel rewards. So, you have to divide this asset, too, which can be an added advantage.
- Small Retirement Accounts: Couples plan for their retirements, and therefore, some retirement savings accounts are often overlooked in divorce cases. So, you must also check these assets and ensure that you are dividing them.
- College Savings for Kids: If the couple is having a child, then they might have saved money for their college and higher education. So, if there is a divorce, there will be a division of the child’s savings. If they agree to a point that the savings will be with the child, then there is no issue, but such an agreement should be legal.
So, these are certain overlooked assets that you must consider while going for a divorce case. You can also consult an experienced lawyer about your case and gain expert guidance for a seamless process.