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What should I include in my divorce inventory?

At the outset of your Michigan divorce, you probably began assessing the sources of income that you and your spouse have in preparation for the division of your marital property. However, when you are filling out the inventory of your assets, it is a good idea to dig a little deeper. After all, not all of these are monetary. At this point, it is time to think about the actual financial value and the personal value of many of the things you own.

According to Forbes magazine, you should examine your entertainment purchases. For example, as a season ticket holder at a sporting or entertainment venue, your seats could have considerable value if you are able to sell them for individual events. A club membership may also have cost a fair amount of money. Even frequent flyer miles and credit card points add up, and may be worth listing.

Personal property such as antiques, collections, artwork and memorabilia should be inventoried. These will probably require professional valuation before they can be divided. Even if something has been yours ever since the honeymoon, if it was purchased during the marriage, it is marital property. If you owned it before you were married, it may be separate property that is still yours, in which case it would not factor into property division.

Although your pet is a family member, it will be one of the items that is divided in your divorce. The judge may determine that you and your spouse should continue to share ownership, but he or she is more likely to award the pet to the person who normally takes care of its physical and emotional needs.

This information has been provided for educational purposes, but it is general in nature, and should not replace the advice of an attorney.

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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