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Complex assets that can challenge property division

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Complex assets that can challenge property division

On Behalf of | Feb 10, 2022 | family law |

There are countless reasons why divorce becomes a reality. From infidelity and addiction to criminal activity and abuse, it can quickly become necessary to end a marriage. While these might be more dramatic examples, it is not uncommon for individuals to simply grow apart with age. No matter the circumstances, the divorce process includes numerous steps couples must navigate.

Over years and decades of marriage, it is likely that forward-thinking couples will amass assets geared toward future financial stability. Unfortunately, these valuable assets can often prove difficult to negotiate an equitable division. Examples of these types of assets can include:

  • Family business: Whether a brick-and-mortar or online marketplace, a family business can lead to both emotional and financial disagreements between the divorcing spouses. Once the business has reached an agreed-upon valuation, the couple must decide how to handle the ongoing business post-divorce.
  • Intangible finances: While it can be challenging to reach a compromise regarding physical assets such as vehicles, real estate or an art collection, determining the division of intangible financial assets can take on a frustrating feel. From stock options and deferred compensation to retirement funds and cryptocurrency, the divorcing couple must make a careful inventory of financial properties to divide and diligently work toward a compromise.
  • Oil and gas rights: Legal professionals must examine whether the oil and gas rights qualify as separate or marital property. In general, oil, gas and mineral rights are handled like real property so the court must be clear regarding when and how both the land and the interests were procured.

During a marriage, the couple often finds their finances have become intertwined. This shared ownership often leads to a complex property division process when divorce becomes a reality. It is wise to carefully inventory assets and debts so nothing is missed during the process.