In family law, specifically in the context of divorce, marital assets are economic resources attained during the marriage; that is from the date of the marriage ceremony to the date of actual or constructive separation. Marital assets will then be weighed against marital debt in the division of property and the award of spousal support. In the context of child support, the non-custodial parent's assets are calculated in measuring the amount of child support to be paid.
Definition from Nolo’s Plain-English Law Dictionary
Generally, any property that has value, whether monetary or sentimental. As used by the IRS, the term means any property with a value and useful life of at least one year that is used in a trade or business -- for example, machinery, buildings, vehicles, equipment, patents, and money held by or owed to a business. (See also: capital asset
, hidden asset
, depreciable asset
, fixed asset
, liquid asset
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm