What becomes of pets and other overlooked assets in divorce?

On Behalf of | Sep 14, 2021 | Property Division

Who is going to get those beloved Denver Broncos season tickets held for many years in your family? Some may think such an issue is frivolous, but not to you while going through a divorce. It is among the questions for which you seek answers. A thorough review of your marital assets is an essential part of the divorce process, and some of those assets – such as the football tickets – may get overlooked.

Assets like these significantly matter for people going through a tempestuous or even amicable divorce. Some of these overlooked assets may spark shouts of “They belong to me!” However, somewhere along the line, decisions and compromises are necessary.

Country club memberships, work bonuses

There are obvious marital assets that get divided. They include the house, investment properties and retirement funds. Then, there are the overlooked ones or assets that each party makes assumptions as to whom will get them.

Here is a list of certain assets occasionally overlooked in divorce:

  • Club memberships: Through the years, you have benefited from memberships to country, tennis and swimming clubs. You have gained many social connections after purchasing shares in each to become members.
  • Frequent flyer mileage: As a couple and on your own, you enjoyed traveling, accumulating significant airline mileage on trips abroad and domestically. You may have to fight for the frequent flyer miles.
  • Work bonuses: Spouses who make significant amounts of money may be eligible for work-related bonuses related to job performance as well as how the company did each year. Although the bonus may not get awarded until the end of the year, it often is marital assets.
  • Pets: Your dog Lucy and cat Tiger have been a part of the family for years. Each of you loves the animals and wants to have them.
  • Sports and event tickets: Maybe your family has long enjoyed season tickets to sporting events along with orchestra and theater performances. You will have to determine a way to divide these in an agreeable way.
  • Collections: The list may include antiques, wine, jewelry, vintage baseball cards, rare books, Persian rugs and comic books. If accumulated during the marriage, they should be equally divided.
  • Storage units: Perhaps you only have them to store items that you consider clutter. However, the photographs, documents and certain collections found inside, sometimes, have significant monetary and sentimental value.

Many of these overlooked assets hold value of some type to you. Whether for nostalgic reasons, sentimental reasons or monetary reasons, each of them must get a thorough review. It is your chance to fight for them and keep them or represents an opportunity to come to an agreement and sell them.