Created by FindLaw's team of legal writers and editors | Last updated November 24, 2018
Married couples usually commingle their assets and purchase goods together, so the lines of ownership are blurred. This is a non-issue when couples are happily married and sharing resources, but can become a big headache after a divorce filing. Items that are purchased or otherwise acquired by a married couple are collectively referred to as "marital property." All other, non-marital property is called "separate property."
Dividing marital property can be difficult and stressful, so it makes sense to learn about the marital property laws in your state and properly prepare.
Some states (including California and Texas) recognize the legal theory of "community property," in which all property acquired during the marriage is divided equally -- although the divorcing parties may agree to divide items as they see fit. In states that don't recognize community property (such as Florida and Illinois), the judge weighs arguments on both sides and applies formulas in order to determine an equitable distribution of assets.
In addition to the division of property and assets in a divorce, the two parties may be required to divide debt and other liabilities as well. This may include debt on shared credit card accounts, mortgages, and outstanding bills for goods or services purchased during marriage, to give some examples. The divided obligations for taking care of debts after a divorce will depend on several factors, including each party's income.
When dividing marital property, it's easy to get caught up in who gets the big stuff -- the cars, the house, the boat. In actuality, all of your marital property must be divided, and in the heat of a disputed divorce it may be easy for some important details to fall through the cracks. The following checklist can help you keep your bearings so that you and your attorney can work together to formulate a property settlement that is in your best interests.
Real Property
____ Marital homestead
____ Vacation home(s)
____ Business property
____ Rental property
____ Undeveloped land
Personal Property
____ Home furnishings
____ Rugs
____ Antiques
____ Artwork
____ China
____ Crystal
____ Coin collections
____ Stamp collections
____ Collectibles
____ Guns
____ Computers
____ Home office equipment
____ Jewelry
____ Clothing
____ Furs
____ Motor vehicles
____ Boats
____ Campers
____ Recreational vehicles
____ ATVs
Financial Assets
____ Cash on hand
____ Checking accounts
____ Savings accounts
____ Christmas club accounts
____ Educational accounts
____ Retirement accounts
____ 401(k) plans
____ Pensions
____ Profit sharing
____ IRAs
____ Stocks and bonds
____ Mutual funds
____ Certificates of deposit
____ Annuities
____ Life insurance policy cash values
____ Trusts
Business Assets
____ Sole proprietorships
____ Partnerships
____ Professional practice
____ Professional degree
____ Other business interests
The number of legal issues surrounding a divorce can be overwhelming. Alimony, custody, child support, division of assets and retirement benefits accumulated during the marriage, visitation rights, and other legal matters all must be handled carefully. A great place to start is to immediately contact a local divorce attorney to get the proper guidance.
Contact a qualified divorce attorney to make sure your rights are protected.
Get tailored divorce advice and ask a lawyer questions. Many attorneys offer free consultations.