Even under the best circumstances, a divorce will likely carry with it emotional and financial turbulence. The divorcing couple is concerned about navigating the process while focusing on creating a better, independent future. Depending on the length of the marriage, the couple will often have to work through numerous negotiations centered on the division of property and separating debt responsibility. Unfortunately, a few factors could potentially get lost in the shuffle.
Here are three factors that could be overlooked when focusing on bigger parts of the financial puzzle:
- Digital assets: For the last decade, the growing trend has been to amass numerous online assets. These assets can range from websites and file storage to digital entertainment collections filled with movies, music, books and video games. Additionally, digital assets can include an online storefront and various forms of online shopper rewards.
- Sentimental property: While many couples might focus on bigger assets like a house, vehicle or family business, it is wise to remember sentimental property. Something that holds a special place in your heart might be packed away and forgotten when your spouse moves out.
- Insurance policies: Many intangible financial factors will be addressed during the property division phase of your divorce. Things like a retirement plan or stock options will likely be divided along with other physical assets. Unfortunately, things like a life insurance policy and vehicle insurance revisions must be addressed during the divorce or soon after.
While the divorce might be the best solution for both independent futures, the couple will likely face a rough path while working through compromises. These compromises could be centered on the development of a parenting plan, the determination of support or the division of assets and debts. Every divorce process is unique, but certain factors can be overlooked when focusing on the larger aspects of property division.