Is an EB-5 investment an asset, or just a possible future asset for calculation of estate during a divorce?

It depends on the type of investment—if a limited partnership then yes, it is likely to be classified as an asset.

A partnership or LLC interest owned by an EB-5 investor is an asset owned by the investor as long as the investor is a limited partner in a partnership or a member in an LLC (EB-5 projected where the investor has made the EB-5 investment). If the investor were to pass away during the term of the EB-5 investment, their estate becomes the legal owner of the interest. All assets are valued for estate tax purposes as of the date of death. Estate tax exists at both the federal level and state level subject to certain exemptions and marital deduction. Some states do not have estate tax enacted. Dissolution proceedings are governed by state law. Generally, all assets and liabilities of each spouse are divided as part of the dissolution proceedings. Property agreements between spouses alter how the assets and liabilities are divided as part of the dissolution proceedings. These may be a prenuptial or postnuptial agreement, community property agreement, or separate property agreement. Consult an estate planning attorney and family law attorney for more specific details regarding estate planning and divorce questions.

Would need to evaluate the contract with the regional center or project to determine your interest and the rules for estates in your state.

It is an asset like any other investment.