Couples undergoing divorce address assets such as their home, vehicles, bank accounts, business interests and retirement funds. But there are often overlooked but substantial hidden assets that may be important in a high-asset divorce.
Keeping track of these and other household assets can strengthen your position in settlement negotiations and in court. Also, pay attention to words and phrases used by your spouse associated with assets such as GameStop.
Stock
Spouses in an executive-level position, especially in banking or finance, generally have restricted stock as part of their income. This income is different from other deferred compensation, such as annual bonuses.
Restricted stock is usually related to employment length or personal or corporate performance. But it may be structured in many ways and its terms constantly change.
The non-earning spouse should look for some restricted stock units that were earned during marriage and which may be cashed out after divorce. This asset is not transferrable but other assets may be divided to account for that asset. Units may be frozen in time based on market conditions.
Pensions
Employees, in many corporations and in public service, are entitled to pensions. The spouse who is not the pension holder should account for any future pension income accrued during marriage for division.
Pension statements also contain estimated payments. Future monthly payments can be different from these estimates. Future pension income may be drastically reduced if the company files for bankruptcy.
Cryptocurrency
There are many ways to hold cryptocurrency such as bitcoin. This may be held through a major investment company or, like stock certificates, individually. Cryptocurrency is new, volatile and difficult to trace and to value.
Military spouses
Non-military spouses of servicemembers are not always entitled to their spouse’s health care and other military benefits after divorce. The 20-20-20 rule governs benefits.
A non-service spouse is eligible to receive benefits if their spouse served in the military for at least 20 years, the marriage lasted at least 20 years and the marriage and military service overlapped by at least 20 years. Completing the appropriate documents is essential.
