Assets mean the liquid or non-liquid character property of value about personal or marital.
There are including;
1. Real Estate,
2. Household Furniture & Furnishings or Appliances,
3. Jewelry, Antiques, Art, Coin Collections, etc.
4. Vehicles, Boats and Trailers,
5. Saving & Checking Accounts,
6. Credit Union or Other deposit accounts ,
8. tax refund,
9. Life Insurance with cash surrender or loan value,
10. Stocks, Bonds, Secured Notes, Mutual Funds, Retirement & Pensions,
11. Profit of Sharing, Annuities, IRAs and Compensation,
12. Accounts Receivable and Unsecured Notes,
13. Partnerships and other Business Interests,
14. other assets any interest in real property or personal property,
15. That can be used for payment of debts as student loans, taxes, support arrearages, loans of
unsecured & credit cards or other debts.
Community Property (Marital property) A system of property division which acquired by either party
during the marriage divides equally all property -- no matter in whose name it is held or direct and
indirect contribution -- Assets and liabilities, sources, employability and amount of income - the income
and property of each party at the time of marriage, and at the time of the commencement of the
action; Certain jurisdictions exclude property that comes into the marriage by gift and inheritance.
The Family Court can also divide marital debt. Some community property states allow equitable
distribution where justice is served;
Equitable Distribution Each state's divorce laws set forth mandatory 'factors' judges must consider
before making an equitable property and Debt division or awarding alimony and child support; such as
New York state is considered an "equitable distribution". If you and your spouse are unable to come to
an agreement on how the marital property will be divided, the court shall use a three step process.
First, it will determine what property is marital.
Second, it will put a value on the marital property.
Third, it will divide the marital property in an equitable fashion, which is not necessarily equal, but
rather what is considered to be fair.
The court shall consider the following factors when distributing Joint property upon divorce:
1. Length of the marriage of the party;
2. The duration of the marriage and the age, occupation and health of both parties;
3. Liabilities & Debts - the probable future financial circumstances of each party, the tax consequences
to each party; the wasteful dissipation of assets by either spouse; "divorcees get divorced and have
half of the house also with the house mortgaged."
4. Contribution to the marital estate (economic, domestic, child-rearing, etc.) the need of a custodial
parent to occupy or own the marital residence and to use or own its household effects.
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