While many people in Rhode Island who are going through a divorce only think about dividing assets like homes, vehicles, retirement accounts, and bank accounts, there might be other items that could come into play. Several types of assets might easily be forgotten or even hidden by a spouse. Here are some potential assets people should watch for when they are in the process of ending their marriages.
Potential hidden assets in a divorce
Forgetting about certain types of assets during the property division stage might mean that a spouse might not receive his or her fair share. Some of these assets might include the following:
• Restricted stocks
• Military benefits
People who work as corporate executives might receive restricted stock units as a part of their total compensation packages. While these types of stocks are generally not transferable, their value should still be accounted for when dividing assets. State or federal pensions should also be accounted for since a portion of them might have been earned during the marriage. If a non-military spouse has been married for 20 or more years to a military service member when the service member’s service includes at least 20 years of overlapping service, the non-military spouse might also be entitled to some military benefits in a divorce. In recent years, many people have had cryptocurrency investments. Locating these and valuing them might require the help of an expert.
Some assets are simply overlooked. However, in some cases, one spouse will actively attempt to hide assets from the other spouse to prevent them from receiving their fair share during a divorce. Spouses who are found to be hiding assets might face sanctions in the family law court. People who believe their estranged spouses might be hiding assets may need to work with a forensic accountant to try to identify and locate them.