What Property is Affected?

One of the most time consuming parts of a divorce for a couple is when they must decide how to divide their marital property. Typically this process is drawn out and it is difficult to reach a settlement. A couple may have a large amount of possessions so it important to figure out which of those will be affected. It is a good idea for the couple to value the property themselves and divide it together if possible. The couple can make the decision themselves, or may bring it to the court to make a pronouncement on how to divide the marital property. It is important for the couple to know the specific laws of the state they live in, since the regulations can vary depending on the geographic location. Anything that was acquired as a couple during the marriage is considered marital property; depending on your state, the following are some examples:

• Investments and pensions;
• Homes and furniture;
• Property including real estate;
• Vehicles;
• Bank accounts;
• Businesses; and
• Financial debt

Again, this may be dependent on the state the couple resides in. Many items will be evaluated in the property division, while some possessions belong solely to the spouse and will not be considered when breaking up the estate. The court does not have authority on belongings that are deemed to be non-marital property. Items that are counted as non-marital property are assets gained prior to marriage, anything given as a gift to the particular spouse, something attained after the couple has already legally separated, an inheritance property awarded to a spouse by judgment, and property that has been omitted based on agreement. While inheritance is typically considered non-marital property, if it has been used in the marriage and cannot be differentiated, it may be now viewed as marital property. It is important for both parties to disclose all possessions such as a bank account they kept a secret from their spouse. Having an experienced attorney present is important for an individual facing divorce receive a fair ruling in division of their property.

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