People who are going through divorce usually have a lot of property, funds, and assets to divide, including their marital home, bank accounts, and retirement funds. However, there are also hidden assets or assets that divorcing couples may not think about often. If you live in Maryland and are considering divorce, here are some assets you may need to consider when getting divorced.
Restricted stock units
If you or your spouse have a corporate job, you could have restricted stock. This stock is considered part of your income stream and is classified as deferred compensation, but it’s different from receiving an annual bonus. Corporations often revise the terms of restricted stock units, but payments from the stock are usually based on performance or the length of time an employee works for the company.
If you’re not the executive-level spouse, it is important to account for if many of your spouse’s restricted stock earnings were accumulated during your marriage, which means you are entitled to some of the funds once you divorce. Usually, restricted stock is non-transferrable, but other marital property can be divided in a way that will account for restricted stock assets.
If you or your spouse are a federal or state employee, you also have to consider your pension during the divorce process. Many companies either presently offer pensions or have in the past, so be sure to check if you or your spouse are entitled to this financial asset. If you aren’t the spouse who holds the pension, you should still work with an attorney to ensure that the funds earned during your marriage are properly divided.
Keep in mind that estimate payments on your most recent pension statements are indeed an estimate. The monthly payment you receive in the future could be more or less than the estimate. If the pension comes from a company that has filed bankruptcy, this could affect the amount you and your spouse can collect. It’s best to hire an expert to perform a pension assessment for you.