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What property is included in a divorce settlement?

| Feb 16, 2017 | Family Law |

When it comes to dividing property in Wisconsin, it can be confusing to determine which possessions were solely yours or your spouse’s and which were jointly owned. While you may think you have divvied out all items, there may be several pieces of property that you have overlooked. Forbes lists a few things to remember as you determine what to include in your divorce settlement.

 

It is easy to forget accounts or items that have not yet yielded a return. This can include life insurance policies that can be cashed out and divided as well as burial plots or other items relating to your previous burial plan. Forms of intellectual property are also often forgotten. If you or your spouse owned royalty rights, patents, copyrights or trademarks, you can ask to receive a part of any income that they generate in the future. Lottery tickets purchased during the marriage are another piece of property that may produce profits in the future that will need to be split.

 

You may not think about things like credit card rewards, but you are entitled to half of what your spouse has accumulated, whether that be airline miles or redeemable points. Gifts that were given during marriage can also divided, but those given before are considered separate property.

 

It is also important to look at the business returns that your spouse has or will be receiving. Capital loss carryover could yield income on future tax returns and benefits from past employers may still produce gains. Look for pension plans, deferred compensation plans and any 401ks. This information is not intended as legal advice.