What Is A Grey Divorce? And Who Can Identify Hidden Assets In A Divorce?
PUBLISHER’S NOTE: Attorney J. Benjamin Stevens is a highly respected divorce and family law attorney from Spartanburg, South Carolina. He is a Fellow in the American Academy of Matrimonial Lawyers, the International Academy of Family Lawyers, and is a Board Certified Family Trial Advocate by the National Board of Trial Advocates. Ben has been featured in numerous publications, including Forbes, ABA Journal, Law Practice Today, Lawyers USA, and South Carolina Lawyers Weekly. I have to admit that I LOVE Ben’s frequent posts to his blog: https://www.scfamilylaw.com/blog
Here is an example of one such post of Ben’s from February 19, 2018, dealing with the increasing number of divorces of couples over age 50. If this topic interests you, click here to read a blog I posted about it on March 28, 2015, titled ““Grey Divorce: Division of Retirement Assets Disparity.”
When parties divorce later in life, it’s sometimes referred to as a “grey divorce“. The cause of these divorces can range from infidelity to health issues that affect one or both spouses happiness, to financial insecurity, or simply to the effects of empty-nest syndrome. Whatever, the reason, these divorces usually come after a couple has spent a couple of decades or more building a life together.
Why Are Assets Different in a Grey Divorce?
When a couple separates after such a long time, they both may think they know where all of there marital assets are, but that’s not always the case. Especially in a marriage which may have been falling apart over a period of time. There are certain things which immediately come to mind that must be divided, such as bank accounts, equity in the house, retirement accounts, etc. However, there are also any number of easily-overlooked or hidden assets which should also be located, identified, and addressed by any separation or divorce papers.
How are Assets Typically “Hidden” in a Grey Divorce?
One of the benefits of having an experienced attorney who focuses exclusively in family law and divorce actions is that he can help you uncover, identify, and value these hidden assets so that you walk into your future with your share of the “true” marital estate – not just the portion your ex wanted you to know about. Some of the assets we’ve helped our clients find, value, and divide appropriately are listed here:
- Frequent flyer mileage
- Security deposits (e.g., utilities, car lease)
- Timeshare property
- Leased vehicles, cell phone, other items
- Stock options
- Memberships (e.g., country club)
- Bond or deposit for country club
- Unused vacation, sick leave
- Patents, copyrights, royalties
- Income tax refunds
- Income tax capital loss carry-forwards
- Income tax charitable contribution carry-forwards
- Special retirement benefits (“golden parachutes”)
- Retirement – life insurance, medical, and survivor benefits
- Hobby or other collections
- Affiliation “rewards” programs (e.g., points or discounts for credit card use)
- Entertainment tickets, season ticket options
- Business vehicle for personal use
- Prepaid rent, leases, subscriptions
- Burial Plots
- Life insurance cash surrender value (or perhaps death benefit if insured is elderly)
- Tort and worker’s comp claims
- Stock options
- Hangar lease (for aircraft)
- Hotel or credit card points
- Cash / Gold Bullion / Precious Metals or Gems
- Small business retained earnings
- US Savings Bonds, other securities
- “Hidden value” items – rare items of personal property (e.g., antiques), rare pets, collectibles
- Options to purchase property
- Unpaid commissions on deals set to close
- Referral fees (e.g., for personal injury lawyers)
- Security or performance bonds posted
- Car insurance prepaid
- Taxes prepaid
How Will I Know if My Spouse is Hiding Assets From Me?
These are just a few of the ways spouses attempt to hide their financial means from an unsuspecting spouse. We see this most often in cases where one spouse works and the other stays home to raise the children or in cases where a professional owns a business or is a partner in a business and the spouse has no access to the business records. If you are faced with a “grey” divorce, make sure to protect what matters most for your new future by hiring an experienced family law team to guide you through the process and advocate for what is rightfully yours.
This article was re-posted with permission of J. Benjamin Stevens.
The Stevens Firm, P.A. – Family Law Center and Senior Partner, Ben Stevens , has provided exceptional legal counsel and support to families throughout South Carolina for over two decades, handling all matters of family law, such as child custody, child support, and divorce. We are well-equipped to handle all divorce and family law matters, no matter your circumstances. Contact us at (864) 598-9172 to schedule your initial consultation. Here is a link to his website: https://www.scfamilylaw.com/
© 2018, Ohio Family Law Blog. All rights reserved.
Ben is a Fellow in the prestigious American Academy of Matrimonial Lawyers, the International Academy of Family Lawyers, and is a Board Certified Family Trial Advocate by the National Board of Trial Advocates. He is one of only four attorneys in South Carolina with those simultaneous distinctions. He currently serves as one of the AAML’s national Vice Presidents and is a member of its Executive Committee.
