Commonly Forgotten Assets in an Illinois Divorce
In an Illinois divorce, one of the major decisions that the judge needs to determine is just how the property that the couple has acquired during the marriage should be divided. When most people hear the words “property division,” the items that usually come to mind are the family home and any other real estate a married couple might own; the family vehicles; and savings, checking, retirement and other financial accounts.
There are several other assets that couples tend to overlook as they are making their property lists, and these items can be just as valuable, as well as being a good negotiating tool during divorce negotiations. These assets often include:
Pets
Although many people consider their pets as family members, the courts do not. Pets are considered property and unless a divorcing couple can agree on where and with whom the pet will live with, a judge will make that decision as part of the property settlement.
Digital Assets and Digital Downloads
Blogs, social media accounts, and websites that a person owns are all considered digital assets. Whether or not these sites actually have a dollar value attached to them, it is critical that ownership of these sites are established in the final divorce decree.
This also applies to photographs, music, and ebooks that may have been downloaded over the course of the marriage. Ownership also needs to be established for these items.
Loan Paybacks
It is not uncommon for family and friends to loan money to loved ones in need. If one or both of the spouses have lent money, that loan, including any interest, needs to be included as part of the marital estate and subject to the property division.
Memberships
Many organizations, such as gyms, auto clubs, country clubs, etc., require prepaid memberships. These too are considered part of the marital estate, but are often an overlooked asset.
Loyalty Programs
Who gets the frequent flier miles when a couple splits up? What about other loyalty program points? Do not forget to include these items in your asset list.
Intellectual Property
Similar to digital assets, even if the item that has been patented or has a copyright is not of any monetary value at the moment, it may be in the future and so ownership needs to be established during a divorce.
These are just some of the items that divorcing couples need to remember to include in divorce settlements. There are also items such as vacation pay, stock options, and several other items that could be overlooked. This is why it is important to contact an experienced Kane County divorce attorney. Call Van A. Larson, P.C. at 630-879-9090 today.
Source:
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000
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