Property division is a difficult part of any divorce. For example, your husband gave you a beautiful diamond tennis bracelet for your anniversary years ago and you wear it frequently. Is this considered marital property? Can he take it back?
Some things immediately come to mind when you begin thinking about property division, but there are many items you may not have considered. Here are a few that might help jog your memory about others.
Intellectual property
Do you or your spouse own patents, trademarks or copyrights? Do either of you receive royalties from book sales? Even if you have not received much income from such a source during your marriage, intellectual property rights should be part of your settlement agreement.
Reward program points
Perhaps your spouse travels a lot in his business and has earned travel rewards. Who gets those air miles will be decided during the property division.
Memberships
Do not forget that memberships such as those to the country club and fitness center are considered marital property.
Tickets
If a lottery ticket that you or your spouse bought during your marriage was a winner, those winnings are marital property. The season tickets you have to the Houston Astros games are also marital property.
Cemetery plots
In view of the fact that you and your spouse are divorcing, you probably no longer want side-by-side burial plots. This will be a subject for negotiation in terms of property division.
Pets
If you want to keep your beloved pet, make sure your attorney is aware of your wishes. A pet is considered property, and the person who has cared for the animal the most will usually be assigned custody.
Sharing your list
A list of marital assets will be helpful for your attorney, whose task is to help you get through your divorce as smoothly as possible, including the matter of property division. Your diamond tennis bracelet will no doubt be at or near the top of your list, and although you are concerned, you will probably get to keep it.
