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Don’t forget these often-overlooked assets when you and your spouse are dividing property

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Don’t forget these often-overlooked assets when you and your spouse are dividing property

| Dec 23, 2020 | Firm News |

When you and your spouse are dividing up your property, assets and debt in divorce, you’re likely focused on the big things, as you should be. What you do with your home, cars, bank accounts, retirement plans, credit cards and loans can have a significant impact on your financial well-being as you go your separate ways.

There are a number of other assets that you may neglect to consider. However, if you determine what to do with them, they could keep the two of you tied to each other long after the divorce. In some cases, if not properly dealt with, you could be left paying some significant bills racked up by your ex.

Gym and club memberships

These can include Costco or other store memberships, gym memberships, country club memberships and more. You’ll need to decide what to do with each of these joint memberships so that you’re not paying for something you don’t use.

Phone plans

If your plan covers you and your spouse, you’ll want to remove your name and get your own plan. Otherwise. you could end up paying for your ex’s data usage. If you have a family plan, you’ll likely want to decide which one will keep the kids on their plan or how their phones will be divided between you.

Streaming accounts

With so many streaming services out there, it’s easy to lose track of how many you’re subscribed to. You’ll want to determine which ones you have and then get your name off the ones you don’t use. As with phone plans, if you subscribe to some channels for your kids, determine how to divide those or if you want to share them. Remember that your children will probably expect to have them in both homes.

Travel rewards miles and points

Many battles have been fought over who gets hundreds of thousands of airline miles or enough hotel points to cover a weeklong resort stay. These can be significant assets, and most airlines and hotels don’t go out of their way to make them easy to divide. It’s probably best to start by determining what you have and who wants them and negotiating from there.

Your family law attorney can help you decide how to handle each of these assets and other assets as you work to untangle your financial responsibilities from your spouse’s.