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Knowing about hidden assets in a divorce is essential

On Behalf of | Oct 5, 2021 | Blog, Divorce

Going through a divorce in Texas can be a complex situation to handle. Dividing assets is one aspect of the process that can become challenging. Recognizing every asset is essential. However, some assets can easily slip under the radar and be forgotten. Military benefits, restricted stock units and pensions are a few examples.

Pensions

If you or your spouse are employed by the state or federal government, there may be a pension to consider. Pensions are also offered in other industries now and in the past, which is why it’s essential to know if your partner has one.

Military benefits

Another hidden asset to consider is military benefits. Being a nonmilitary spouse of a military member doesn’t automatically entitle you to continue receiving military benefits after getting a divorce. In this scenario, the 20-20-20 rule is used. To receive military benefits, your spouse must have already served 20 years or more, and you must’ve been married for at least 20 years. In addition, military service and marriage must overlap by at least 20 years.

Bitcoin and other cryptocurrencies

If your partner has an investment in Bitcoin or other cryptocurrencies, it can be challenging to track. Unlike fiat dollars, cryptocurrency can be easily hidden in different digital wallets, exchanges or apps. Also, price action for many digital coins is volatile, making it difficult to pinpoint a value.

Restricted stock units

If your spouse is an executive in the corporate world, they may receive restricted stock as a portion of their income. In some cases, it may be tied to their performance, the company they work for and length of employment. If any restricted stock units are earned during your marriage but will be cashed out after you get a divorce, you’ll want to acknowledge that income as being partially yours.

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