Divorcing? Don't Forget About These Assets
Learn more about hidden assets in a divorce settlement. Call Chicago Divorce Attorney Angela Larimer at 773-370-0600 or email firstname.lastname@example.org.
Restricted stocks, pictures and mementos, marital gifts, and intellectual property are some of the assets that divorcing couples should remember when listing assets and developing settlement agreements. Some of these assets, like pictures and mementos, may have emotional value, while others, like restricted stocks and intellectual property, may have great financial value. Chicago divorce attorney Angela Larimer at Larimer Law, LLC (773-370-0600) can help divorcing couples evaluate all properties and financial holdings.
Restricted Stock Units
If one spouse holds an executive-level or high managerial position in a finance or banking institution, he or she may be entitled to restricted stock as part of the income. Restricted stock is basically future income that is based on something such as the performance of the company or employee or duration of employment.
It’s important for the other spouse to keep in mind that the spouse with restricted stock garnered during the marriage will be eligible for cashing out the restricted stock after a divorce. Although the restricted stock is usually not transferable, other properties can be used to match those assets on the other spouse's side of the settlement during the property division process. A Chicago divorce attorney can explain to a divorcing party the best way to approach restricted stock units to maximize the divorce settlement.
Pictures and Mementos
Pictures and mementos are precious assets. Thanks to digital photography, it’s possible for both divorcing parties to keep a whole library of recent family pictures. They can share the cost of having older photos and negatives copied. For mementos that can’t be copied, the divorcing couple should make alternative arrangements that works for each party.
Copyrights, trademarks, royalty rights, and patents are some of the intellectual property worth addressing in a divorce settlement. These assets may not have created much revenue during the marriage, but they may do so in the future.
Generally, gifts that divorcing spouses gave each other while married are part of marital property and should be considered during the divorce settlement agreement. Those received and/or given before marriage, like an engagement ring, form part of separate property and aren’t subject to division during a divorce.
Parenting Tips to Keep in Mind
Divorce can be an extremely hard process for children to comprehend and experience. Children are likely to suffer emotional trauma after divorce, as they view it as the loss of family. It’s, therefore, important for divorcing parties to learn the right ways to communicate with their children about divorce. The attorney can also advise the divorcing party on the best apps to make co-parenting easier.