Family Law

Checklist of Hidden (or Easily Overlooked) Assets

By J. Benjamin Stevens

The following is a list of easily-overlooked or "hidden" assets in property settlement or division cases:

1. Frequent flyer mileage
2. Security deposits (e.g., utilities, car lease)
3. Timeshare property
4. Leased vehicles, cell phone, other items
5. Stock options
6. Memberships (e.g., country club)
7. Bond or deposit for country club
8. Unused vacation, sick leave
9. Patents, copyrights, royalties
10. Income tax refunds
11. Income tax capital loss carry-forwards
12. Income tax charitable contribution carry-forwards
13. Marketable govt licenses (radio licenses, commercial fishing quotas)
14. Special retirement benefits ('golden parachutes')
15. Retirement - life insurance benefits
16. Retirement - medical benefits
17. Retirement - survivor benefits
18. Hobby or other collections
19. Contract rights from marital employment (e.g., insurance renewal payments for agent)
20. Affiliation 'rewards' programs (e.g., points or discounts for credit card use)
21. Entertainment tickets, season ticket options
22. Business vehicle for personal use
23. Prepaid rent, leases, subscriptions
24. Burial plots
25. Life insurance cash surrender value (or perhaps death benefit if insured is elderly)
26. Tort, worker's comp claims
27. Stock options
28. Hangar lease (for aircraft)
29. Hotel or credit card points
30. Cash
31. Small business retained earnings
32. US Savings Bonds, other securities
33. 'Hidden value' items - rare items of personal property (e.g., antiques), rare pets, collectibles
34. Options to purchase property
35. Unpaid commissions on deals set to close
36. Referral fees (e.g., for personal injury lawyers)
37. Security or performance bonds posted
38. Car insurance prepaid
39. Taxes prepaid

Source:  "Your Spouse's 'Hidden' Assets - A Checklist" by Steve Worrall, published at his Georgia Family Law Blog.

Full post as published by SC Family Law Blog on February 12, 2010 (boomark / email).