Property Division

One of the more complicated aspects of divorce can be dividing up the marital property. The first step is figuring out exactly what property you own together and what you may own separately.

Marital property is defined as any real or personal property acquired during the marriage. Non-marital property is defined as any real or personal property acquired by either spouse before, during or after a marriage which is:

1. acquired as a gift or inheritance by a third party to one spouse but not the other;

2. acquired before the marriage;

3. is acquired by a spouse after the valuation date;

4. is excluded by a valid prenuptial agreement; or

5. is in exchange for or is the increase in value of separate property.

Property can be broadly classified into three categories:

• Personal Property such as retirement accounts, investment accounts, household items, unique art or jewelry bank accounts, automobiles

• Real Property including homes, land, commercial buildings

• Intellectual Property which is creative works such as books, music or inventions.

The second step is determining an accurate value for the property. Many asset values are easily determined by appraisals or statement of accounts. Businesses are more complicated and may require teaming with a professional who specializes in business valuations. Intellectual property is also a unique asset that is valued through a number of methods.

I partner with a team of professionals to get the job done right when it comes to gathering information about a marital estate and ascertaining the proper values of the marital and non-marital assets.