Not all divorces are created equal. During high-asset divorces, there are more factors to consider. Many have art or a special collection, crypto-assets, heirlooms, businesses, timeshares, rental property, recreational vehicles, stocks, investments, pets and more.
Aside from family matters, assets can be a key point of contention when it comes time for property division. Proactively planning and strategizing the future of assets is important, especially the more one has. Now is the time to take into account everything owned.
4 categories of potential marital property
It is important to consider everything owned to avoid being accused of hiding assets. Here are four general types of marital property that can be divided:
- Real property: This category is somewhat easier to list. Homes, commercial properties, vacation properties, rental properties and land that is not developed. What may be overlooked are things like timeshare deeds, boat docks, golf and hunting leases.
- Personal property: The contents of the family home and other personal property items such as jewelry, guns, computers, artwork, collections and all types of vehicles are considered personal property. Gifts or heirlooms that have been received are not considered marital property and are usually exempt from division.
- Financial assets: Here is where the hiding of assets often occurs. On and off-shore accounts, retirement, stock investments, life insurance policies, trusts and cryptocurrency can be found here. With the anonymous nature of cryptocurrency blockchain technology, crypto-assets are challenging to track down.
- Business assets: The family business or other interests, can be subject to property division in a divorce.
Documenting and classifying all assets and property ownership is a good first step toward being proactive.
Additionally, having strong legal counsel that is experienced in property division in high-asset divorces can help to ensure that rights are protected.