With all of the paperwork that must be done and the decisions that must be made when going through a divorce in Massachusetts, it is possible to forget about certain things or overlook them. When it comes to marital assets, though, it’s important to remember everything so that you don’t lose out during the process of property division. Here are a few key things to remember:
1. Employee benefits. This could include a pension plan, for example, which may need to be divided for the future.
2. Carryover totals for a capital loss. These can be used in future years for tax purposes and could have an impact on what is owed or refunded.
3. End-of-life purchases. For example, a couple may have purchased a cemetery plot. Funerals and burial expenses are only getting more costly every year.
4. Collectible items. Some memorabilia—like a signed football jersey or an autographed guitar—can be worth quite a bit. Be sure to look through the storage carefully for items that may have been forgotten.
5. Memberships that are paid in advance. This could be a membership to a yacht club, a country club, or something else of this nature.
6. Gifts from a spouse. Technically, even if a gift was given from one spouse to the other, it still counts as marital property that is owned by both people. As such, it can be divided along with other assets. This is true for gifts given after the wedding day, but not for any prior gifts—like an engagement ring.
Make sure you have a firm grasp on exactly what assets you have to ensure that they’re divided properly.
Source: Forbes, “Divorcing Women: Don't Forget These Marital Assets,” Jeff Landers, accessed Feb. 26, 2016