10 Steps of Divorce
What property can be divided
The process for a division of assets is very similar to the process to support where determinations are based on the financial records of both parties. One of the areas most people get confused within their divorce is what gets divided so here is a simple breakdown of the three types of assets/properties recognized by the court that can be divided in a divorce.
Separate Property is any property that was owned by either party prior to the marriage, property that is acquired by one party during the marriage by way of inheritance or third party gift.
Marital Property is property that is presently owned by both parties and was acquired during the marriage, Marital Property also includes any co-debt that was acquired during a marriage, It also includes vested pension and retirement benefits accrued between the date of marriage and separation. Any gift from one party to the other is considered marital property unless the giver states their intention for it to be separate property.
Divisible Property is the increased or decreased value and/or interest of the marital property, property that was received after the separation that was acquired based on activity in the marriage, any income or debt attributed to the marital property after separation.
I understand that these are only a few answers and that every situation is different; so an answer for one person might not apply at all to someone else. If you have any more questions regarding your situation make sure to contact your lawyer. If you do not have any current representation and have additional questions please feel free to reach out to me and I will do my best to help you or find you the answer that helps.
Jerkins Law, PLLC