All the property issues described below can either be decided by the judge in a court hearing, or, if the spouses agree on them, they can be dealt with in a Separation Agreement drafted by the parties' lawyers. The court determines who holds the legal titles and ownership of the property, and sets its value. The two parties must provide evidence for their claims regarding the value of the property. The court classifies all property as marital or separate, or partially each. Taking into account the rights, interests and equities of the parties, the court decides who gets what, and can also order either party to pay a monetary award to the other party.
Any monetary award is based on the value of the property in question.
This term includes a wide variety of assets, including jewelry, the marital residence, other real estate, bank or credit union accounts, furniture, paintings or other art work, automobiles, business interests, and other types of property managed by both or either spouse during the marriage. Most future income and future assets, except for pensions, are not included in equitable distribution of property. Property acquired by either party during the marriage that is not separate property. This includes gifts from one spouse to the other. Property that is part marital and part separate.