Individuals contemplating divorce may realize that, as part of the property division process, they will need to make a full accounting of their assets and debts. In their initial thoughts about property division, most people think of their primary assets: their home, bank accounts and vehicles. However, there are many more assets that will be part of the property division process, such as:
- retirement accounts
- business assets
- investments accounts
- valuable collectibles
- car loans
- credit card bills
Ultimately, if any if asset is considered marital property, it will be subject to the property division process in a divorce case.
Once divisible property is identified, its value must also be determined. Early on in divorce proceedings, both spouses are required to complete an affidavit of equitable distribution that details the fair-market value of their assets well as any debts.
At Graff & Associates we understand that couples going through a divorce are likely to have quite a few questions about property division, and we do our best to make sure our clients are aware of all of their options.