Surprising assets to divide during divorce
Many assets, including memberships, reward points, cemetery plots, loaned monies and intellectual properties, can be divided during a marital separation.
When Utah couples decide to get divorced, many aspects of their lives are scrutinized and divided. With 3.6 per 1,000 persons in the state getting divorced according to the Public Health Indicator Based Information System, it is not surprising that most people realize that cars, real estate and bank holdings are subject to division during this type of legal action. However, many people may be shocked to learn about some of the other assets that can get divided during a marital separation.
Memberships to golf courses and country clubs can pose a major financial asset. While only one person may have an interest in the membership, it is still a good idea to consider this asset when dividing the rest of the belongings. Whoever gets this benefit may be entitled to less of another item, for example.
As a couple, it can be easy to rack up reward points on credit cards. These points, whether they can be used for travel, dining out or anything in between, can be a great asset for one of the spouses. These points may even be divisible depending on the card provider.
While writing up a will, spouses may make plans for their deaths. In many cases, this includes picking out and purchasing cemetery plots. After a divorce, the exes may no longer want to get buried near each other, but that does not mean that one person should simply give away his or her plot. This asset can cost a lot of money, so it should be included in the divorce agreement. One person could buy out the other if he or she is attached to the burial space.
Even finances that are not currently in the couple’s possession could be divided. If the husband and wife lent an aunt some money, the future payments could be split up to ensure each person gets his or her fair share of the marital property. Many loans can be payable to either spouse if the loan was made during the marriage.
When deciding who gets what, most couples may think about the tangible objects in their homes. However, even intangible possessions, such as trademarks, royalty rights and patents could be a major bargaining tool during a separation. This particular asset could create a lot of earnings in the future, which is something to consider.
Not all Utah divorces include large bank accounts and several real estate holdings, but that does not mean that there is not plenty for the couple to divide. No matter how many assets are available, it can be beneficial for each person to work with an attorney who is familiar with the intricacies of divorce proceedings.