Hidden and Overlooked Assets in Divorces

In a recent blog post “Your Spouse’s ‘Hidden’ Assets – A Checklist” mentioned in the South Carolina Family Law Blog, Georgia Family Law Attorney Steve Worrall provided a useful and extensive list of assets that are often overlooked or hidden in divorces and legal separations.  In California, all assets acquired during marriage by either party are presumed to be community property.  It is important that prior to the division of property or property settlement in a family law case, all valuable assets are identified and located. The list of assets below is not exhaustive, but is a great tool for litigants and attorneys alike.
1. Frequent flyer mileage
2. Security deposits (e.g., utilities, car lease)
3. Timeshare property
4. Leased vehicles, cell phone, other items
5. Stock options
6. Memberships (e.g., country club)
7. Bond or deposit for country club
8. Unused vacation, sick leave
9. Patents, copyrights, royalties
10. Income tax refunds
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Separate, Separated, Separation

Here are three legal terms that you should think about if you are thinking about filing for divorce:

Separate – Separate Property

One part of a divorce is the division of property. California is a community property state. All property obtained by either party during marriage is presumed to be community property and jointly owned 50/50, unless the acquisition of the property was the result of a gift or inheritance. Any property acquired during marriage that can be traced to separate property is also separate property. All other property, including property that was acquired before marriage or after the date of separation is separate property. Certain actions and/or agreements Read more of this post.