Hidden Assets and Income Items

Not to be Overlooked 

When people terminate their relationships, it is easy to overlook some assets.  If they are not addressed in the decree of divorce or dissolution, or termination of cohabitation relationship, they may be forever lost.  Attorney Melissa Graham-Hurd has experience and knowledge in this area and offers the following list of potentially hidden assets, gathered together from various sources:

Household

  • Prepaid Rent
  • Utility Deposits
  • Car lease deposit
  • Prepaid Subscriptions
  • Prepaid Licenses
  • Income tax refunds
  • Income tax capital loss carry-forwards
  • Income tax charitable contribution carry-forwards
  • Reward program points (eg. Airlines, hotels, credit cards)
  • Entertainment tickets
  • Season ticket options/PSLs
  • Remainder interests in land

Employment Related

  • Reimbursements exceeding out-of-pocket costs (mileage)
  • Home Office reimbursements (or deductions) exceeding business part of costs
  • Employer-furnished insurances of all kinds
  • Company paid cell phone (personal part)
  • Company paid Car lease/payment/insurance/repairs/maintenance (personal part)
  • Company paid Car Insurance (personal part)
  • Company paid Business entertainment/meals (personal part)
  • Company paid Travel (personal part)
  • Stock options
  • Memberships
  • Unused vacation/sick time/paid time off
  • Golden parachutes
  • Retirement medical benefits
  • Contract rights from marital employment (e.g. insurance renewal payments for insurance agents)
  • Survivor benefits from retirement plan
  • Deferred bonus/commission/profit sharing

Other

  • Timeshare property
  • Frequent flyer miles
  • Bingo/lottery winnings (minus losses)
  • Trust distributions
  • IRA Distributions
  • Interest earned
  • Royalties from gas/oil/mineral leases
  • Patents/copyrights
  • Licenses (radio/liquor/CDL)
  • Burial Plots
  • Paid up Life Insurance Policies

THIS INFORMATION IS INTENDED TO BE A LIST OF POTENTIALLY MISSED ASSETS AND IS NOT INTENDED AS LEGAL ADVICE ON YOUR PARTICULAR CIRCUMSTANCES.  IT IS ONLY INTENDED TO ASSIST YOU IN UNDERSTANDING THE PROCESS.

IF YOU SHOULD HAVE ANY QUESTIONS, PLEASE DO NOT HESITATE TO CALL THE OFFICE TO SCHEDULE AN APPOINTMENT – 330-996-4099.