Divorce involves much more than legally ending a marriage. It also means dividing up the marital assets and distributing them equally between each party. Because this process has considerable financial and emotional ramifications, it can be one of the most contentious aspects of a divorce.
This is particularly true when it comes to certain properties that are more difficult to divide. Below, we examine some of these assets and how to handle division.
Pets
In accordance with Wisconsin laws, pets are property. This means they are subject to similar division practices as a piece of furniture.
In many cases, the best way to address pet custody after divorce is to resolve the matter yourself outside of court. This allows owners to make decisions based on the best interests of their pet, instead of leaving the decision up to a court that may be less inclined to consider the personal relationships involved
Collectibles
Collections can be very complicated to divide in a divorce, as they could lose value if they are incomplete. It can also be very difficult to determine the actual value of a collection of collectibles without a professional appraisal.
When addressing a collection in a divorce, it can be wise to first have the item or items appraised by a knowledgeable professional. Parties can then determine whether to divide a collection or how to balance the scales if one person will keep the item or items.
Memberships
People often overlook memberships in their divorce, but many have value. And this can lead to contentious fights over who gets to keep the country club, golf club, or gym membership. Similar assets, like season tickets for a sports team or reward points, can present similar obstacles.
To make a division of these assets easier, consider whether you truly want — and are financially able — to keep them. You may decide to split up an asset like season tickets or agree for one person to retain membership in exchange for taking on more debt or giving up the property of equal value.
This post can provide some general hints and suggestions for dealing with these types of property in a divorce. However, for specific guidance and support, it can be best to consult an attorney.