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Uncommon assets still need inclusion in a divorce agreement

On Behalf of | Mar 11, 2021 | Family Law

Most people getting divorced in Alaska know that the process will involve splitting marital assets to some degree. They may think of bank accounts, a family home, vehicles or other common sources of assets when deciding how to separate property between two people. However, there may be other sources of assets that are less obvious but no less important. A divorce agreement needs to be thorough and include all kinds of property to be fair to all parties involved.

Uncommon assets

While many people might think about splitting up a retirement fund, that is not the only employment-related asset that may be subject to division in a divorce. Those who own restricted stock, typically corporate executives, may be obligated to share it with an ex-spouse. Other workers who have a pension fund tied to their job may need to account for those future payments in their divorce decree. In either case, consulting a professional for advice is a good idea.

It may never occur to either spouse that there are other assets that need to be part of the divorce agreement. If one spouse served in the military, those benefits could have to be extended to an ex-spouse; however, there are a few stipulations, including the time the spouse served in the armed forces and how much of the marriage coincided with that service. Even cryptocurrency, which is still a new and changing form of assets, may not be safe from division. This is a form of currency that is sometimes difficult to track, but an ex-spouse may still be entitled to a portion.

Not knowing is not enough

The best way to make sure that a divorce agreement includes all assets subject to property division is to work with professionals who understand these matters. One very important person to include may be a family law attorney here in Alaska who can consider all potential financial implications. An attorney can serve as a neutral third party who will still work to ensure that the agreement reached is a fair one that reflects the true needs of those involved.