Multi-State Property Division Lawyers & Attorneys at Stange Law Firm

Listing Marital Property

One of the most important early steps in preparing for divorce is compiling a comprehensive list of all assets that may be considered marital property. A thorough inventory ensures transparency, provides a foundation for accurate valuation, and helps protect your financial interests. Marital property can include a wide variety of assets accumulated during the marriage, such as:

• Family businesses or professional practices

• Vacation homes or secondary residences

• Vehicles, including cars, trucks, planes, boats, and recreational vehicles

• Investment properties and rental real estate

• Personal property and household goods

• Investment portfolios, stocks, bonds, and mutual funds

• Retirement accounts, pensions, and deferred compensation

• Bank accounts and cash assets

• Collectibles, jewelry, artwork, and antiques

In addition to traditional financial assets, items such as art, antique furnishings, valuable collections, or rare personal property should be documented, especially if they hold significant financial value.

Separate Property Considerations

Some property may be exempt from marital classification. Separate property generally includes:

• Gifts made specifically to one spouse

• Inheritances received by one spouse

• Property acquired prior to the marriage

• Settlements from personal injury claims (with some exceptions)

However, there are important exceptions. Separate property can become marital property—or partially marital—if:

• The other spouse’s name is added to the title or account

• Marital funds were used to improve, maintain, or enhance the asset

• The separate asset appreciated in value due to marital efforts

• Separate and marital funds were commingled

For instance, an investment account owned before marriage may be considered partially marital if it grew during the marriage due to contributions, market increases, or management during the marital period. Similarly, increases in the value of art, antiques, business interests, or real estate may be subject to division.

Debt Must Also Be Listed

Debt is an essential part of the property division process. Marital debt—regardless of which spouse incurred it—may include:

• Mortgages and home equity loans

• Credit card balances

• Business-related debt

• Medical bills

• Lines of credit and personal loans

If the debt was accumulated after the marriage date, it is usually considered marital debt and should be listed alongside the assets. This provides a more accurate picture of the marital estate and the net value to be divided.

Valuation

After identifying all marital property, the next critical step is valuation. Establishing an accurate value ensures a fair distribution of assets and prevents disputes later in the process.

Why Independent Appraisers Matter

Because valuation can be complex—especially for businesses, investment portfolios, real estate, retirement plans, and unique assets—it is often best to rely on independent, experienced appraisers. Their expertise helps ensure credibility and accuracy, which is essential whether a case settles or proceeds to trial.

The valuation process typically involves:

• Selecting a valuation date—often the date of separation or another mutually agreed-upon date

• Gathering documentation, financial statements, appraisals, and purchase records

• Analyzing market trends and asset performance

• Assessing appreciation or depreciation

• Identifying marital versus separate components

Once the valuation date is set, it generally cannot be changed. Any increases or decreases in value after that date are typically not factored into the settlement, making the initial determination extremely important.

How Stange Law Firm, PC Helps With Property Division

Property division often requires a multidisciplinary approach. At Stange Law Firm, PC, we assist with all aspects of identifying, valuing, and dividing marital property, including:

Identifying Marital Property

Courts in equitable distribution states divide marital property and debt in a fair—not necessarily equal—manner. To do so, they must first determine what qualifies as marital property. This involves tracing assets acquired during the marriage, identifying separate property, and evaluating whether any separate property has been transformed into marital property through contributions, improvements, or commingling.

In community property states, courts apply community property principles, where most assets and debts acquired during the marriage are presumed to be jointly owned.

Dividing Marital Property and Debts

We frequently work with a team of highly knowledgeable experts, including:

• Forensic accountants

• Financial analysts

• Business valuation professionals

• Real estate appraisers

• Retirement and pension evaluators

You can contact us online or at 855-0595 if you need legal help.