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During property division, many overlook these asset types

Once an Arizona couple has decided to divorce, the urge to get things wrapped up and move on can be strong. While this is understandable, rushing through the property division portion of a divorce is never a good idea. This is a time in which a number of important decisions must be made, and where haste is not beneficial. When it comes to community property, not all assets are created equal, and many spouses leave money on the table by neglecting to address certain types of wealth.

An example is found in future interests. These assets include stock options and various types of business interests. Determining the worth of such assets can be a challenge, but there are professionals who can assist in valuation. It is important for spouses to understand that just because a future interest may seem to hold little current value, there is a good chance that the asset will one day be worth much more.

Another asset type that is often overlooked within a divorce is future income. This includes income that is earned before the divorce is filed, but will not be actually received until after that time. Examples include employee bonuses, certain types of commissions or recent retirement savings that are paid for by an employer. Here again, these assets may not seem significant at face value, but they certainly add up, and they are part of the larger scope of martial wealth that both spouses are entitled to.

The best way to ensure that no assets are left on the table during an Arizona divorce is to work with a qualified divorce attorney. He or she can help determine if there are any unusual asset types present within a marriage, and can then assist in determining the value of such assets. Property division is a complex task, and no two divorce cases are exactly alike. Understanding the various types of assets and how to best divide that wealth is part of the expertise that comes with working with a divorce attorney, and is a resource that should be put to its full advantage.

Source: CNBC, "Breaking up is hard to do: Protecting assets in divorce", Kelli B. Grant, Jan. 17, 2016

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