In a current blog post A Checklist point out a valuable and general list of assets that are often ignored or concealed in divorces and legal separations. In California, all assets obtained during marriage by both party are assumed to be community property. It is vital that before the property settlement or division of propertyin a family law case, all valued assets are acknowledged and traced. The listing of assets below is a great way to brainstorm.
- Frequent flyer mileage
- Taxes prepaid
- Income tax refunds
- Contract rights from marital employment (e.g., insurance renewal payments for agent)
- Hobby or other collections
- Life insurance cash surrender value (or perhaps death benefit if insured is elderly)
- Stock options
- Timeshare property
- Security deposits (e.g., utilities, car lease)
- Bond or deposit for country club
- Patents, copyrights, royalties
- Unused vacation, sick leave
- Retirement – survivor benefits
- Retirement – medical benefits
- Memberships (e.g., country club)
- Income tax capital loss carry-forwards
- Retirement – life insurance benefits
- Special retirement benefits (“golden parachutes”)
- Leased vehicles, cell phone, other items
- Marketable government licenses (radio licenses, commercial fishing quotas)
- Income tax charitable contribution carry-forwards
- “Hidden value” items – rare items of personal property (e.g., antiques), rare pets, collectibles
- Cash
- Burial plots
- Tort, worker’s comp claims
- Hangar lease (for aircraft)
- Hotel or credit card points
- Small business retained earnings
- Options to purchase property
- Prepaid rent, leases, subscriptions
- Business vehicle for personal use
- Unpaid commissions on deals set to close
- US Savings Bonds, other securities
- Entertainment tickets, season ticket options
- Car insurance prepaid
- Security or performance bonds posted
- Referral fees (e.g., for personal injury lawyers)
- Affiliation “rewards” programs (e.g., points or discounts for credit card use)
For assistance by an experienced competent property settlement attorney call Yanez & Associates. The family law asset division attorneys are located in Tustin Orange County.
