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Asset Division The division of assets is a major part of divorce proceedings, particularly for people who have wealth or who’ve had a long marriage. Because of its financial and emotional importance, both parties should understand what their assets are and their value. Assets are anything that has real value. Cash, homes, cars, art, and furniture are all examples of assets that a couple may have. In order to divide the value of an asset, it has to be marital property. This means a couple will have purchased or earned the asset during the marriage and not before. If a person purchased or earned an item before the marriage, it is separate property and not eligible for division in most cases. This is also true for gifts, inherited property, and personal injury awards. There are, however, exceptions to this. When money that is earned during the marriage is used to repair, payoff, or maintain the property, then a part of the value of that item becomes marital property and, thus vulnerable to asset division. In general, commingling separate property during the marriage can turn a percentage of it into marital property. (continued in upcoming post)...