Photo of attorneys at Andrews Terry Jeffers LLP.

At Andrews Terry Jeffers LLP,
Trust Is Everything

Don’t forget hidden assets during your divorce

On Behalf of | Aug 11, 2021 | Family Law |

With so many details to keep track of during a divorce, couples going through this process in Washington might overlook hidden assets. However, it is important to be aware of these items and their values as you begin your divorce negotiations since they might significantly affect what agreement your spouse and you reach when it comes to property division.

Types of hidden assets

Some assets are often overlooked because their benefits will usually be enjoyed much later. However, during the division of property, these overlooked assets must be included so that a balanced and fair agreement can be reached. Some hidden assets include:

• Pensions and retirement accounts
• Military benefits
• Cryptocurrency
• Restricted stocks

How to work with hidden assets

Even before the divorce, you should keep a list of all assets acquired during your marriage to ensure that you are always current on the information. Because the rules regarding each of these types of assets can vary not only by state but even by company, you might also need to consult with financial professionals about their current and future value and what portion of this might be available to you.

For example, for ex-spouses to continue access to military benefits, there are certain rules regarding the length of service and its overlap with the years that the couple was married. With retirement accounts, the rules for division might be different for each type of account, whether public or private. Investment in cryptocurrencies can also bring up several challenges, including the difficulties in tracing the currency. If your spouse holds restricted stocks within their company, their future value must be calculated and a date for freezing that value must be established, although that value might change in the future.