Divorce Dex.com: Personal Property

Definition Personal Property - property, both tangible and intangible, including but not limited to, cash, savings accounts, checking accounts, stocks, bonds, jewelry, antiques, collectibles and pets.

Application in Divorce The term personal property does not include real estate or that which is affixed to it.

The personal property of individuals may be separate or marital and subject to distribution in a divorce.

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What is Property in a Divorce?
Although the laws vary from state to state, property is usually divided into just two categories: separate property and marital property.

In general, separate property includes what a person:
(a) brings into the marriage,
(b) inherits during the marriage, and
(c) receives as a gift during the marriage.

On the other hand, marital property is everything acquired during the marriage no matter whose name it’s in. In some (but not all) states, marital property also includes the increase in value of separate property.

Contributed on 7/1/2009 by: Financial Divorce AssociationLongmont, CO[Total Submissions: 1]
Category: Personal Property (Applicable in All States)

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