When you divorce your spouse, you will have to separate your property and assets. This process can be frustrating and confusing, especially if you don’t have a lawyer to guide you and explain what you are entitled to. In this blog, we explain the difference between community and separate property.
Marital Property Vs Separate Property
Marital property consists of the things you acquired and shared with your spouse during your marriage, while separate property is owned by just one spouse. Separate property is generally purchased prior to the marriage or acquired through gifting. Property that was purchased in one spouse’s name but was never used for the benefit of the other can be counted as separate property. Certain personal injury awards also qualify as a separate property.
People going through divorce often think of the big-ticket items when dividing property and sometimes forget to consider other important assets. You can use the following checklist to determine all of the assets and property you own that will need to be divided between you and your spouse:
- Real Property: Includes the marital home, rental properties, business properties, vacation homes, and undeveloped land.
- Personal Property: Includes motor-vehicles, recreational vehicles, boats, collectibles, fine china, crystal, clothing, guns, artwork, antiques, jewelry, and home furnishings.
- Financial Assets: Includes stocks and bonds, IRAs, retirement accounts, savings accounts, checking accounts, trusts, life insurance policies, mutual funds, pensions, 401 (k) plans, and cash.
- Business Assets: This includes partnerships, sole proprietorships, professional degrees, professional practices, and other types of business interests.
Get Help From Our Attorneys
Are you getting divorced? Do you need help determining the property and assets you are entitled to? If so, speak to our team of attorneys today to get legal advice. We are here to walk you through the divorce process and explain what rights you have under the law. Our lawyers have more than 30 years of experience and we know which legal strategies will protect your interests. Let us get to work for you today!