During divorce negotiations, many valuable or sentimental assets often slip through the cracks of the process, potentially leading to regret or disputes later. Identifying and addressing these overlooked items can make a big difference in reaching a fair settlement.
For example, memberships are commonly forgotten. A country club membership, for example, may carry a high value or come with initiation fees that one spouse might want reimbursed for. Costco or warehouse club memberships might seem minor, but they may be linked to shared accounts or credit cards. Determining who keeps these accounts and how access is handled is worth addressing.
Frequent flyer miles and credit card reward points can carry thousands of dollars in value. While they may not always be transferrable, courts can consider their worth and assign an equitable value during negotiations. Ignoring these assets can leave one party with an unfair advantage, especially if they have accumulated points using joint funds.
Safe deposit boxes should never be overlooked. They can contain everything from jewelry and family heirlooms to legal documents and cash. During a divorce, it is important to inventory the contents and determine ownership. If only one spouse has access, the other may not even know the box exists unless it is disclosed.
Children’s college funds, such as 529 plans, can also create complications. These accounts are often set up during the marriage but may be held in one spouse’s name. Both parties should agree on how the funds will be used and what controls will remain in place to prevent misuse or unilateral withdrawals.
Other frequently missed items include season tickets to sporting or cultural events, timeshares, prepaid vacation deposits and collectibles. These may not be liquid assets, but they carry financial or sentimental value that should be considered during property division.
The bottom line
The more detailed a couple’s asset inventory is, the smoother the negotiation process is likely to be. Fair division depends on full transparency, and even smaller items can add up or become contentious later. Taking the time to look closely at all accounts, memberships and possessions is a key part of protecting an individual’s financial future during the divorce process.