There are dozens of different types of property. Property in a Dissolution includes both tangible property, such as a house, a car, a bank account, stocks, retirement accounts, etc and intangible property such intellectual Property for example. In a Divorce the term property means both assets and liabilities, and property division signifies the division of assets and liabilities of each side. Specifically we go through four steps: a) identifying the property type, b) characterizing it as community property, separate property, or mixed/hybrid property, c) estimating the value the property through the appropriate method (example if it is intellectual property you will an IP expert to value it, if it is a car we can us Kelley Blue Book, an actuary for retirements accounts, etc…), and d) dividing the property. Sometimes a division can be neither side gets it, the property is put up for sale and the parties divide the proceeds of the sale between themselves.
In many cases there can be substantial property tied up in divorce proceedings and, as a result, this can be a very contentious topic. Whether one spouse wants to maintain ownership of the property or both would like the property liquidated and the assets divided, these can be difficult issues to navigate. No matter which you choose, the decisions made in a property division case can significantly impact your financial future. You deserve an attorney who recognizes the seriousness of this matter, and at Stabile & Moshtael we’re dedicated to ensuring that a fair and reasonable resolution is met.