When you file for divorce, there are a myriad of issues you are forced to tackle before your divorce settlement can be finalized. One of the most daunting tasks is separating marital property and assets that have been accumulated throughout your years of marriage. You may have grown attached to your property and it can be difficult to determine who is entitled to receive what pieces after the marriage ceases. It is important that you understand what constitutes marital property so that you can be sure to get everything you are entitled to in the divorce settlement.
When you think about marital property, you may think of furniture, the family home, vehicles and the contents of your bank accounts. However, the concept of marital property stretches much further. Marital property also includes the following:
Expensive collections, such as antiques, cars, coins, art, horses and other relics
Lottery ticket winnings
Flight miles or other membership rewards points
Intellectual property, such as copyrights, patents and trademarks
Country club and golf club memberships
Gifts you and your spouse gave to one another during the marriage
If either one of you lended money to a third party during the course of the marriage, you are entitled to half of that amount once it is repaid. This holds true even if it is repaid after the marriage has ended. Stock options, retirement accounts, 401k plans and term life insurance policies are also included under marital property and can be divided in the divorce settlement.
This information is intended to educate and should not be taken as legal advice.