Marital assets that may be included in division of assets in the event of a divorce can be anything that has a dollar value such as:
- Bank accounts
- Savings accounts
- Securities (stocks, bonds, mutual funds, etc.)
- A home or other real property
- Business interests
- Life insurance policies with a cash value
- Retirement accounts or pensions
- Personal property such as furniture, tools and other household effects
Conversely, debts that may be included are anything with a negative dollar value such as:
- Car loans
- Business loans
- Student loans
- Lines of credit
- Credit card debt
Partnership Property is any other property that is not Separate Property (See our blog on What may be Exempt from Marital Assets), which for most couples is all or almost all of the property they own. Every asset and debt owned by one of both spouses that is not Separate Property is included in the Marital Estate, regardless of how or when each party received it. Each spouse receives a credit for the value of any property they owned prior to the marriage and for any property they received solely during the marriage as a gift or inheritance.
Any increase in the value of premarital or gifted/inherited property is divided 50/50. After accounting for the credits each party receives, the rest of the marital assets are divided so that each side receives approximately one-half each.
Regardless of your specific situation, the family law division at PMK, led by Senior Associate Seth Harris, is available to guide you through a seamless division of property.