When a couple decides to divorce, each spouse is expected to provide an accounting of their assets. Using this accounting, the court will divide those assets equitably.
Unfortunately, sometimes spouses may overlook certain assets and benefits, thus neglecting to include them. There are several types of hidden assets that spouses should account for.
Pensions and military benefits
Although pensions are not as common as they once were, if one spouse earned a pension or will receive pension payments in the future, it is important to include those in the asset accounting. This applies even if the pension payments are currently only an estimate. The spouses may want to complete a pension valuation, especially for future pension payments, which can help the receiving spouse understand how much he or she may expect.
Military spouses may have additional considerations. In order for a non-serving military spouse to retain benefits after divorce, the service person must have served for 20 years or more, the spouses must have been married for 20 years or more, and the marriage and military service must overlap by at least 20 years. If these factors apply, the non-serving spouse may be able to keep healthcare and other benefits that should be included in the asset accounting.
Stock and other currency
If one or both spouses work in executive-level positions, they may have been given shares of stock as part of their compensation. Stock valuations and divisions can be complicated, but it’s important that these are not overlooked when dividing assets.
Additionally, spouses may want to consider how they will divide Bitcoin and other cryptocurrency. There are several ways to hold this type of asset, and these assets can fluctuate significantly over time. Therefore, cryptocurrency may require an expert to help with its valuation.
If a spouse needs assistance to ensure hidden assets are included in the divorce, there is help available.
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