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What is considered an asset during the divorce process?

Once a Texas couple has decided to begin the process of dissolving their union, they know they will likely face many challenging moments before they are legally divorced. Many people find their greatest challenge in negotiating the financial aspects of divorce. As part of this process, typically, the separating couple will be asked to produce a list of assets. While most individuals will easily remember to include marital property, bank accounts, automobiles and the like, many may overlook less obvious assets, some of which hold monetary value and others with sentimental value.

Some divorcing individuals may not immediately remember such monetary assets as timeshares, potential lottery winnings and frequent flier miles. Even if the separating couple used a timeshare property only occasionally, like any other marital property, it will require valuation and retitling while the involved parties are determining how to divide their community assets. Some couples purchase a ticket for a raffle or lottery several months in advance, not anticipating their separation. They are smart to have a plan in place in case the draw happens during the divorce process, and they hold a winning ticket together. As well, many couples hold joint credit cards with accumulated frequent flyer miles or reward points, and they must decide how these will be divided.

Many couples may not think about some assets because they hold sentimental rather than monetary value. For example, many couples have a pet together and must consider who will continue ownership of the pet following the divorce. As well, most divorcing couples who are also parents have photographs of their children, and even in this digital age, many of these will be print-based. In this case, the couple will need to determine an appropriate method to divide these assets.

Divorcing individuals are wise to take the time to consider every aspect of their lives when the time comes to list their assets. Although many people may find this part of the divorce process particularly daunting, in the end, each party will benefit from the fair division of all assets. Texas couples who have made the decision to split can consult with a knowledgeable family law attorney for legal guidance in this area, as well as all other aspects of the divorce process.

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