In a gray (later in life) divorce, it can be challenging to unravel two long-intertwined lives, especially after accumulating many marital assets. Unfortunately, some assets can go overlooked.
This can introduce the risk of an unfair property settlement. Here are some examples.
Stock options
Stocks, including non-exercisable or unvested options, can greatly impact wealth, making full discovery of spousal employment benefits critical. Companies may permit a constructive trust to manage stock options until they vest, allowing the non-employee spouse to sell their share afterward.
Airline and credit card rewards
Many credit cards contain hidden assets that you might not know about. Examples include airline miles, hotel points and other rewards. These points can be worth hundreds or even thousands of dollars, so make sure to account for them in your negotiations.
Safe deposit boxes
These physical lockboxes still play a role in securing valuable assets. However, they are often overlooked because they may have been set up years or decades ago. Make sure you can access any shared safety deposit boxes to help ensure that their contents are divided fairly.
Life insurance policies
Life insurance policies are another commonly overlooked asset. Whether term or whole life, these policies have a value that needs to be accounted for in the division of assets. The cash value of whole life policies and the beneficiary designations are particularly important considerations.
Social Security spousal benefits
If you were married for at least ten years, you might be entitled to spousal benefits based on your ex-spouse’s earnings record. Note that these are only worth seeking if they are worth more than getting benefits based on your own work record would be (since you can only take one or the other).
If your spouse has always earned significantly more than you, it’s worthwhile to explore whether they’d be worth more than getting your own Social Security retirement benefits.
Having experienced legal guidance can help you ensure that you get your fair share of all assets to which you’re entitled.
