#divorce assets

[ivemovedon3]

(via Dividing Your Assets and Stuff During Divorce ( a.k.a The Spoils of War...))  Where to start? Take inventory.To complete your divorce and as part of your divorce decree, you will have to attach a list of your separated assets that both parties have signed off and agreed to. So either one of you or both will have to create a list and start the process of separation.  As a list, you can control what is on it and what is not. But to keep things simple, more is better, as there is no comebacks in the future (So yes you can include his/her air miles, baseball card collection and teapot).

[divorceiswar]

Hiding Assets

If you are a woman going through a divorce, the chances that your husband is hiding assets is great—and it happens much more frequently than most women expect. Hiding assets during a divorce is sneaky, unethical and illegal—but it happens in almost every divorce!  If your husband is hiding assets, that means that you won't get the divorce settlement you deserve.

Many couples have complex financial portfolios. It can be extremely difficult to keep track of everything—all your assets—even in the best of times. When a divorce happens that task can be exponentially more complicated. Unfortunately, when you go through the divorce process, your husband may try to take advantage of the situation by hiding income and/or assets. Or he may have been doing it all along, especially if he has his own business.

Your attorney should establish a clear picture of your standard of living during the marriage. Not only can this be used to help determine alimony and child support, but it can also serve as an invaluable tool to help determine if this are hidden assets or income.

Here are just SOME ways your husband may undervalue or hide marital assets:

1. Stash cash in a safe deposit box either in someone else's name or out-of-state.

2. Under-report income on tax returns and/or financial statements.

3. Have hidden offshore accounts, that he never reported to the IRS.

4. Purchase items (like art or antiques for example) that can be easily overlooked or undervalued.

5. Overpay the IRS or creditors. He can get the money back after the divorce is final.

6. Defer his salary, delay signing new contracts and/or hold commissions or bonuses.

7. Create phony debt. One way is to create credit card debt.

8. Set up a custodial account in a child's or girlfriend's name, using their social security number.

9. Transfer stock/investment accounts into a child's or girlfriend's name, business partner or dummy corporation.

The list goes on and on. Hiding assets, income and creating debt is not only unethical, but it's also illegal IF discovered. If your husband has been hiding income and assets over years or decades, it will be virtually impossible to find them.

[takestockinventory-blog]

Know the Right Time To Use Home Inventory Service Provider

It is important for you to know what you own, for numerous reasons. The most important purpose is to be fully prepared for a disaster so you can easily maximize an insurance claim. This is something that generally achieved since you will be capable of remembering and also proving possession of the content of your business or home.

An introduction of personal property

When it comes to personal property, it is generally best explained with using such scenario, cutting the roof off of a living place, turn your house upside down and then shake it completely.

Quite often, a personal property inventory service provider is indeed the professional you will seek to utilize for whole house personal property inventory. This is something that can be indeed disaster preparedness, estate settlement, financial planning, moving placing items in storage and estate planning.

When hiring an experienced home inventory service provider, the most important decision that would be to hire a personal property inventory service provider. There is indeed no certification for such industry and so their prices are quite lower.

Moreover, an appraiser is then certified for reviewing, examining and also the estimating the proper value of artwork, jewellery, silver coins and more. Appointing both professionals is indeed the most often financial sound decision.

[attytabano]

New Post has been published on Pittsburgh Divorce Attorney

New Post has been published on http://tabanolaw.com/10-assets-might-forget-include-divorce/

10 assets you might forget to include in your divorce

Often the divorcing couple doesn’t remember they have these items, or doesn’t consider them to be assets.

When you’re working through your divorce settlement, deciding who gets what, you are likely focusing on major considerations: house, cars, retirement accounts, investments. While these items are clearly important, many other assets are easily overlooked. Often the divorcing couple doesn’t remember they have these items, or doesn’t consider them to be assets.

Even if you think you don’t care about how they’re divided, keep in mind they have value; adding them to the pot not only increases the total amount of assets to be divided (which increases your share), but they also represent chips in your ongoing negotiation. If you were the more enthusiastic traveler in the marriage, for instance, you might be willing to give a little back on the home sale in order to secure frequent flier miles.

Here are some often overlooked assets to consider when you’re tallying up during a divorce:

Stock options: Your or your spouse may have stock options from your employer. This might seem like something with no value (particularly if they aren’t fully vested), but these options do have monetary value and can increase the total value of your joint assets.

Intellectual property: Copyright, patents, trademarks and even things like books that one of you has written—even if the copyright paperwork hasn’t been completed—have value.

Digital assets: Websites or blogs that either of you owns are assets. Even your social media accounts should be included in your settlement. Most likely, these accounts have no value (unless you have a large number of followers who have potential value for business reasons) but it’s important to establish who will own the accounts after the divorce.

Digital downloads: Movies, music, and e-books are expensive to replace, so be certain to include these items when tallying assets.

Frequent flyer miles and loyalty programs: You and your spouse probably have memberships in lots of loyalty programs and many of them accumulate points, particularly airline programs. Any loyalty program in either of your names is a marital asset and should be divided in the divorce.

Capital loss carryovers: Capital losses can be carried over from one year to the next on income taxes and such losses can reduce future taxes. If you are carrying a capital loss, make sure it is included in your settlement.

Loans: If you or your spouse has made personal loans to friends or family during the marriage using marital funds, the balance and interest due on those loans should be divided in your settlement.

Vacation pay: Paid time off accumulated at a job has a value and is a marital asset. Make sure this is taken into account.

Pets: Emotional attachments to pets can sometimes give rise to nasty “custody” battles, but beyond that aspect, your pet may also be a purebred or particularly valuable for some reason; if that’s the case, you should also include this in your list of assets.

Prepaid memberships: Any personal (for example, a gym) or professional memberships and subscriptions that have been paid for this year and for future years should be included if marital funds were used to pay for them.

Adding items to your total list of assets results in a larger total to divide and more for your half, but beyond that, thinking through what matters to you and to your soon-to-be ex can help devise a settlement that feels advantageous for both sides. A good lawyer can assist you in finding these “hidden” assets, and help decide what’s worth negotiating for as you work through your divorce.

Source: 10 assets you might forget to include in your divorce – AvvoStories