During debt and asset division in divorce, it's easy to think about how to divide up the material things you see everyday, such as the house, cars, electronics and more. But sometimes couples don't realize all the assets that will be divided after filing for divorce. When it comes to asset protection and division, there are four main categories you should consider when dealing with divorce.
Assets that are physical or identifiable are real assets. This includes homes and property, such as the marital home, vacation homes, rental property or business property.
Personal property is any asset other than real estate because personal property is movable, whereas real estate is not permanently fixed to one location. The definition of personal property can be difficult because it is a legal term, and it's best to think of it in comparison to real assets. Personal property can include furniture, antiques, artwork, computers, jewelry, collections and vehicles.
These assets don't necessarily have physical worth like real assets but have value because of contractual claims. Financial assets divided during divorce may include checking and savings accounts, retirement accounts, IRAs, trusts, mutual funds, life insurance policy cash values, education accounts and certificates of deposit. A local divorce attorney help you figure out how to divide joint accounts in divorce.
Business assets can be both tangible and nontangible, meaning it's possible to assign the assets a set value. These assets are anything used to conduct a business or trade, such as partnerships, professional practices and professional degrees. Business assets can also include office supplies and business machinery.
Make sure you protect all of your assets by working with a divorce lawyer to learn about your state's property distribution laws. Learn more about the different assets you should be thinking about during divorce and how to protect them. Call 877-349-1310 or fill out a divorce case review form to connect today.