What is the property that can be divided when a couple gets divorced?

Divorce, by default, results in the division of property that a person may have owned with their spouse throughout their marriage, which is referred to as marital property. Marital property can encompass a wide range of assets, such as:

Real Estate: This type of property is of great significance as it may include a family house, holiday cottages, rented-out apartments and any other type of real estate that the spouses may have acquired while being married.

Financial Assets: Bank accounts, investments, retirement accounts, stocks and bonds accumulated during marriage are to be considered as marital property and may be divided.

Personal Property: Car, house, electronics, jewellery, art, and other possessions acquired during the marriage cycle belong to marital property.

Read the article: Can You Divorce Without Splitting Assets? Asset Division in Divorce

Business Interests: Business interests that were acquired or stocks either in partnership or professional practice during the marriage might subjected to division.

Debts: The debts acquired during the marriage, such as mortgages, credit card debt and loans, are also the marital property and they should be divided.

However, separate property also exists when the couple is married, which consists of inheritance, gifts to one of them, and assets that were deposited in the couple’s name before signing the marriage contract. Nonetheless, the compartmentalization of separate property that was combined with marital assets or used for the benefit of the marriage shall be categorized as part of the marital estate and, thus, subject to division.

The kinds of property that can be divided in a divorce should be understood by the persons who are involved in the asset division process. Spouses can determine and classify conjugal property and strive towards a fair and equivalent partial division of assets after divorces when they do this.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button