Property and Asset Division

Property and Asset Division is of vital importance when parties are attempting to finalize a divorce. You must understand the various components of property and asset division.   Property and asset division includes real property (house, condominiums, land, etc.), personal property (automobiles, household furniture and furnishings, collectibles, jewelry, etc.), and investment and retirement assets. Although one party may not be fully aware of all the assets, the discovery process will require the other party to reveal all assets, as long as such discovery is utilized.

Property and assets are general classified as marital or separate property. In its simplest forms, marital property is property that has been purchased during the course of the marriage, and separate property includes gifts, inheritances, and property purchased prior to the marriage. Placing a value on property may be rather simple and straightforward such as attaining the value of an automobile from a website that addresses such to being rather complex and confusing, such as valuing collectibles and jewelry, keeping in mind that one’s sentiment toward an object is not the same as the object’s actual value.

Property and Asset Division alone is reason to have the Abell Law Firm, LLC to review your case with you. Fully understanding the complexities of property and asset division coupled with common sense may be determinative in whether to proceed to trial, or negotiating a settlement agreement that both parties can walk away from feeling satisfied