There are several types of property that may be involved in a Will County divorce. The type of property depends on when it was acquired and by whom as well as what the specific asset is. To better understand the different types of property and the role they play, it is important to work with a well-versed division of assets lawyer.
There are several common classifications of property that may be involved in the division of assets. It is important to understand these classifications to understand the roles these types of property will play in a divorce.
Real property is primarily real estate. This can include any land a person owns as well as the structure on the land.
On the other hand, personal property is moveable property. This can include personal adornments, individual gifts, and clothing. Generally, this type of property includes items that one party has accumulated on their own.
Additionally, there are classifications that refer to who owns a property. This generally refers to property owned by the parties together, which is known as marital property, or by one property, which is known as separate property. Marital property is any property that was accumulated during the marriage.
On the other hand, separate property is primarily any property owned by one party prior to the marriage and kept separate. This can include any inheritance. An attorney can further explain the types of property and what they mean when dividing assets.
Hybrid property is any inheritance that was used to purchase marital assets. When hybrid is involved in the division of assets, the court may decide that some of that money should be taken from the marital estate and placed into the non-marital estate.
When dividing assets in a divorce, the first item of value to address is usually the marital home. The parties would have to:
This information can be used to either determine how the entire marital estate will be divided. In general, any property that was acquired during the marriage would be considered jointly held, meaning it would be owned by both parties.
Privately held businesses may also be at issue in a divorce. An example of a privately held business could be a business that was started during a marriage as a sole ownership or a corporation, but that is held within the family.
If a privately held business is involved in a divorce, the parties would have to have an expert determine the value of the business. If it was started during the marriage, then it would be treated as any other property.
Depending on the specific type of property, it may be treated differently in a Will County divorce. Therefore, it is important to fully understand the property involved in your divorce and how it may be divided. To discuss your situation, call Reidy Law Office LLC today.