Property & Assets

Asset

Any property or item of value owned by either or both spouses that is subject to division in a divorce. Assets include real estate, bank accounts, investments, retirement funds, businesses, and personal property.

Understanding Asset

During divorce, all assets must be identified, valued, and classified as either marital (acquired during the marriage) or separate (owned before marriage or received as inheritance/gift). Marital assets are subject to division while separate assets generally are not, unless they were commingled. Hidden assets are a common problem, and forensic accountants may be needed to uncover them. Complex assets like business interests, stock options, and intellectual property require professional valuation.

Real-World Examples

The couple's marital assets include the family home worth $450,000, retirement accounts totaling $300,000, and two vehicles.

Related Terms

Community Property

A property division system used in nine states where all assets and debts acquired during the marriage are owned equally (50/50) by both spouses.

Equitable Distribution

A property division system used by most states where marital assets and debts are divided fairly, though not necessarily equally, based on multiple factors.

Commingling

Mixing separate property with marital property in a way that makes it difficult or impossible to distinguish between the two. Commingled assets may be treated as marital property.

Related Guides

Spouse Hiding Assets Divorce →

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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.

Always consult a licensed attorney in your area for advice specific to your situation.