Going through a divorce is not just a simple divorce; the process is complex and is charged with emotional matters that need to be discussed and settled. Especially when children are involved, these cases need experienced, personal, and compassionate legal counsel to ensure that your rights and property are protected. With nearly 30 years of experience, Attorney Jennifer Patton will provide the one-on-one guidance you need to feel confident about your future.
Beyond the Obvious: Assets You Might Miss
Divorce is complicated, taxing, and challenging for all families, but it’s vital to assess every asset, no matter how trivial it may seem. Assets that have hidden benefits beneath the obvious are often the most critical or valuable. When it’s time to divide the assets, it’s common to overlook old assets that you may have forgotten about or intangible ones. The focus in most divorce cases is on the immediate concerns of the family home, alimony, or the vehicles and neglect of the accounts for retirement, benefits, or even health insurance coverage. Working with experienced family law and divorce attorneys will help you navigate the complexities and dive deep into your finances to ensure that everything is divided equitably.
Intangible Assets
The assets usually left last in the division are the intangible assets. The assets that are hard to put a value on often have an impact not only on your life but also on your long-term financial security. Things like:
- Retirement & Pension Accounts
- Insurance Policies
- Intellectual Property
- Memberships/Subscriptions
- College Savings
- Credit Card Rewards
Although these lack a clear monetary value, your legal team will be able to help determine their current value with any potential future income. Working with clients to identify and value their intangible assets is part of a divorce attorney’s job.
Under-Valued Assets
Assets that have been collected throughout the marriage that have sentimental value or even collector’s value should also be considered in the division of assets. Undervaluing assets is a common tactic in the divorce process, which is why it is best to hire an experienced attorney who can get an appraiser to evaluate the value of the assets.
Common Under-Valued Assets include things like:
- Art
- Designer clothes and accessories
- Investment holdings
- Animals
- Timeshares
Discuss any concerns with your lawyer if you suspect that your assets are being undervalued. They can help determine if a professional appraisal might be needed and help you secure a fair portion of the value.
Protecting Yourself: Tips for a Smooth Asset Division
Divorce is a complicated process that is overwhelming with emotional turmoil, but the best way to go through the process is to use mediation to divide the assets. In the process of mediation, the goal is to protect yourself while prioritizing a smooth asset division. The most practical way to ensure a smooth division is to value fairness, compromise and foster a cooperative atmosphere.
With an attorney by your side, mediation can be a fair division that is tailored to meet the needs of all parties. With a forward-thinking approach that considers the long-term financial stability post-divorce, a meditation can ensure a fair division of the assets and contributions the marriage has acquired. An experienced attorney and an equitable mediation process can ensure an amicable division that stands the test of time.
Ready to Protect Your Assets? JP Law Office Can Help
Our firm recognizes that every family and their case is unique and can provide you and your loved ones with compassionate and straightforward legal guidance. With a personal defense strategy, JP Law will work to ensure that your rights as a parent and spouse are protected in negotiations or trials. Contact us today to discuss your legal options and help you prepare for the next steps.
