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In Illinois law is the engagement ring if acquired after the marriage a marital asset?
The engagement ring is not considered a marital asset, it would be considered a personal gift under the contract of marriage. If the marriage dissolves immediately or soon after, the husband may be able to receive it in a divorce settlement.
Court cases where there are two homes and one home is in another state how is the law used in divorce cases?
If the home is considered a marital asset, it doesn't matter where the home is located, its value is still a consideration in the distribution of assets. The only state laws you are concerned with are those of the state in which you are filing for divorce.
If i bought cars in the marriage and he is in prison are the cars his too they are only in my name?
Generally speaking, any property or asset obtained during the course of the marriage is considered a marital asset regardless of who's name is on the title or loan. In a divorce action, depending on the laws of your particular state, you might have to divide the total assets, including the cars and he would get a percentage based on the criteria established by state law. You could buy out both cars with part of your share of the assets or give him one of them, the dollar amount applying to the total of his share.
If spouse incarcerated and you want a divorce you were buying a house but the loan is not in your name but your name is on the title are you responsible for the house?
yes you are responsible for the payments because you are married it is a marital asset being bought after you were married so in a legal sense its in both your names regardless of the way its titled
Is land considered an asset in financial accounting?
Yes, land is considered an asset in financial accounting.
Is a patent that is pending considered an asset?
Is a pending patient (provisional) or a granted patient (non-provisional), considered an asset in a civil suit which could be awarded to a plaitiff if the judgment is in their favor? Could a portion of any future profit on such a patient be awarded to a plaitiff in a civil action?
I paid off my house before I got married, now that I'm married if I take an equity loan does my property now become a marital asset?
The answer may vary depending on the laws of your specific state or country, but in general, taking an equity loan after marriage could result in the property becoming a marital asset. Even if the home was purchased before marriage and fully paid off, if the equity loan is taken out after marriage and both spouses are listed on the loan or the property title, it may be considered a joint marital asset. It's best to consult with a legal professional in your area who can advise you on the specific laws and regulations that apply to your situation.
Is service rendered considered an asset or owner's equity?
an asset
what is a example of an asset?
Current Assets are assets that are considered to be liquidated easily. Cash is considered a current asset because of that reason, it is cash. Anything that can be turned into cash quickly is considered a current asset. Accounts receivable is also a current asset, while a Note Receivable is considered (non) or more appropriately, a "long-term" asset.
What can you do if a truck is titled in your name but your ex wont give it to you?
Go to court!.Added: As with MANY things having to do with the law (and divorce) it may not be THAT simple. Regardless of WHOSE name is on the title, if it is/was considered to be a "marital asset" (i.e.: purchased while you were married to each other) it should have been addressed in the settlement and divorce decree. As mentioned on the discussion page, it is highly unlikely that law enforcement will become involved in this matter as they view it as a 'civil' matter and not as a criminal offense. Strongly suggest that you consult with an attorney.
What is an example of a current asset?
Current Assets are assets that are considered to be liquidated easily. Cash is considered a current asset because of that reason, it is cash. Anything that can be turned into cash quickly is considered a current asset. Accounts receivable is also a current asset, while a Note Receivable is considered (non) or more appropriately, a "long-term" asset.
Is a house considered an asset?
Yes, a house is considered an asset because it has value and can be used to generate wealth or income.
