Property distribution is a big part of the process when filing for divorce. You have likely thought of all the usual property (your house, bank accounts and retirement funds) – but there are some “hidden assets” you shouldn’t overlook.
Divorce can be messy and emotional, and you may want to get it over with as soon as possible, but if you don’t take time to account for all your marital assets, you may not receive a fair share of things in the final divorce decree. Some of the most common forgotten “hidden assets” to keep in mind are found here.
Restricted stock units
If your spouse has a corporate job and works as an executive in finance or banking, they likely have restricted stock as part of their income. This type of deferred compensation is sometimes used instead of an annual bonus. Each company structures these in unique ways, but it is a type of future income tied to performance or length of employment (for example).
The restricted stock units your spouse earned during your marriage are marital assets. While dividing these assets is impossible, you can receive other property to account for your portion.
Pensions
If your spouse works as a federal employee, they probably have a pension. Any money earned toward the pension during your marriage is marital property and it needs to be accounted for and divided. Pension values can vary and change, so hiring an accountant to help with the valuation is beneficial.
Protecting your rights to marital assets during a divorce
It’s important to account for all the assets in your marriage. Above are a few examples of assets that may be forgotten (or hidden) during property distribution. Knowing your options will ensure you get a fair shake.