What do I need to include in property division?
If you are going through divorce in Nevada, you are likely wondering what property you will be able to keep after the marriage dissolves and what will go to your spouse. While this process can be long and arduous, knowing what property needs to be divided before you ever set foot in court can mean less time spent arguing and a quicker resolution. Forbes magazine reminds readers of some of the less-common items that may be forgotten during divorce proceedings.
First, while some pieces of property, such as cabins and summer homes, may be obvious, others are less so. These can include burial plots, stocks or rental units. Another type of property that you may not think about is intellectual property, including any copyrights, patents or trademarks. Access to certain lands, such as park passes and memberships to country clubs and golf courses, can also be divided. Another piece of property that may not result in cash but still holds value is travel reward program points.
Next, you will also need to consider certain types of future income your spouse may receive. This can include tax refunds or retained earnings from a business, but can also mean any money that was loaned out and will be paid back after your divorce has been completed, or term life insurance policies. Benefits such as compensation plans or retirement accounts can be divided, as well as capital loss layover.
Collections can also be easy to forget if their value has not been determined yet. One of you may have rare comic books or antiques hanging around and forget that their value may be much higher than you realize. This list is not intended as legal advice but is merely informative.