A crucial part of divorce proceedings is dividing shared assets between two spouses. Marital property includes any assets accumulated during the course of the marriage, and there are several types of property that fall under this category. The asset division process can be difficult without legal counsel, so you may benefit from hiring a knowledgeable Chattanooga attorney who could explain the different types of property you share with your spouse.
Real property refers to land, whether it be undeveloped land, residential homes, apartments, or commercial property. Any type of land whether unimproved or improved will be considered real property. Real property accumulated prior to the marriage or inherited would be considered separate, otherwise if it was purchased after marriage, it would be marital property.
The residence that the parties to a divorce purchased during their marriage is called the marital home. This piece of property is also usually the home that the couple lived in during their marriage and is often the most significant asset to be divided during the divorce. Not all property distribution cases involve a marital home, as some spouses may have only rented a property together without ever purchasing a home.
Personal property refers to tangible items often located in the marital home. These assets can range in size and value and may include furniture, clothes, heirlooms, jewelry, guns, tools, or vehicles. This kind of property can be separate or shared, depending on the value and when it was purchased.
Jointly titled property means that the property is deeded in both parties’ names. This type of asset often carries a high value, such as a home or a vehicle. If the asset was purchased during the marriage, it will be considered marital property.
Additionally, you have to determine the value of the property at the time the marriage as well as how it may have increased over time. For example, if someone purchased a home on their own shortly before their marriage, it would still be designated as marital property if shared funds were used to contribute to its accumulation in value.
Sometimes, two spouses will have joint ownership stake in a business. If that business was started during the course of their marriage, it would be classified as a marital asset. However, it is often difficult to put a dollar value on the business, which can complicate the asset division process. The parties may have to employ an accountant to examine a business’s records to come up with a concrete value.
The asset division process can seem overwhelming when you consider the significant amount of property that you and your former spouse share. Fortunately, a qualified legal professional at our firm could examine your case and address any issues that may arise to help you reach a fair property agreement that satisfies both you and your ex. Call today to schedule a consultation and learn more about the different types of property in Chattanooga.