What kind of assets can be divided during a divorce?
What Kind Of Assets Are Divided In A Divorce?
- Money: You and your spouse likely have some financial assets. These financial assets generally include bank (your checking and savings), investment accounts, stocks and bonds, mutual funds, and cash. Accounts held in your minor children’s names or jointly with another person should also be considered. You may be able to find a list of all money accounts by reviewing the 1099 Forms used to complete your Income Tax Forms.
- Home: Your home is an asset, as is any other real property (property that does not generally move, like land or a building). If you are not sure of what real property you and your spouse own, you may be able to find real property by checking with the Assessor’s office to find out if a deed to the property has been recorded. If you or your spouse own a business, the real property owned by or through that business is also an asset.
There are many types of assets that you can share in a divorce, you’d better discuss this with your divorce lawyer - Debt Repayment: If you or your spouse loaned money to someone, and you are owed repayment of that debt still, that debt is an asset.
- Business: A business, along with the property owned by that business, including accounts receivable, is an asset. You should consult the laws of your state to determine how a professional practice is valued in a divorce.
In an uncontested divorce the parties may agree upon what particular assets may be divided, and what means constitute fairness. If the divorce is contested and the divorce is brought to court, the judge may divide any marital and community properties held by the parties. Such properties are homes, vacation properties, investment real estate, automobiles, appliances, furnishings, motorcycles, investments, stocks, moneys, retirement funds, private businesses, and anything tangible acquired during the marriage. Although there are many technicalities in which prior property may still be divided, you should consult your attorney with any particular questions pertaining to these matters.
