Five Overlooked Types of Shared Marital Property 

 Posted on May 19,2022 in Property Division

Throughout a marriage, couples wind up sharing virtually everything from a house to bank accounts. When spouses decide to make the difficult decision to file for divorce and dissolve their marriage, they must discuss how to divide this shared marital property. They may consult a divorce attorney to discuss who will remain in the family home, which spouse will receive most parenting time or custody of the children, and how debt payments will be divided and paid off. Most people focus on these big-ticket items. However, many other types of overlooked shared marital property are essential to consider when filing for divorce. 

Pets

Spouses may overlook pets when considering how to divide shared marital property during a divorce. Although pets may feel like family members, pets are considered property in Illinois. Before 2018, when deciding who gets what during a divorce, pets were treated the same as any other type of property. The court did not award joint ownership or make “pet custody” arrangements. New provisions enacted after 2018 allow spouses to create joint ownership agreements for pets and consider the pets’ best interests.

Airline and Travel Points 

Credit cards and shared debts are often considered in divorce proceedings. However, many people tend to push aside included assets, such as airline mileage points. If both spouses shared a credit card or had shared expenses and debts, they will also share the incentives, such as travel points. 

Pictures

Pictures capture memories that we hold close to our hearts, and these items become increasingly important to us as significant life changes such as divorce alter our lives. Pictures wind up being a crucial shared asset that couples must divide. An easy way to handle this issue is to make copies of each photograph so that both spouses can walk away from the marriage with the memories they cherish. 

Storage Units 

When making big life-changing decisions such as child custody, the last thing many couples consider is sifting through a shared storage unit. Storage units are often overlooked until the last moment during a divorce, but they may contain important shared property. Many individuals will put furniture, family photo albums, or heirlooms into a storage unit, so it is essential to discuss with a partner how these items will be divided during a divorce.

Retirement Accounts 

Retirement accounts and pension benefits are important assets that must be considered when dividing shared marital property during a divorce. Many individuals forget to discuss retirement plans, especially if both spouses are far from retirement age. However, these accounts are financial assets, and it is vital to determine how to allocate pension or retirement savings to each spouse following a divorce.

Contact a DuPage County Divorce Attorney 

There are many intricate considerations to factor into your divorce proceedings. At Law Office of Ronald L. Hendrix, P.C., our DuPage County divorce lawyer understands the unique nature of each divorce. We are available to help you sort through complex issues such as property division. Please contact our office by calling 630-355-7776 today.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm