The Terms of Asset Division

When it comes to dividing your assets during divorce, the most important distinction you will need to understand is the difference between personal and community property.

In most cases, any income made during the period of a marriage, whether it is made by the husband or wife, will be considered marital property. The same goes for any properties purchased during that time, which can include the family home, vacation homes or a business property.

In the case of personal or non-marital property, items purchased or owned before the marriage will generally not be considered marital property. It is the responsibility of each party to explain which items, property and money was theirs before the marriage and to provide proof if necessary.

Keep in mind, based on the state in which you file for divorce, the rules for personal and marital property may differ slightly. For this reason, people moving forward with divorces may wish to enlist the help and services of a family law attorney as soon as possible.