Yes, it arguably right that anything legally owned can be termed as a property. All owned property falls into two distinct categories: personal property and real property. Personal properties can be further categorized into tangibles, intangibles, and chattels. Typically, a property can be classified as either personal or real property. The difference between the two is usually straightforward. However, sometimes, it’s challenging to categorize properties.

It is crucial to differentiate the two categories of properties to understand what other property agents and lawyers talk about easily. Additionally, categorizing properties will help you know the rules that apply to a particular property and the charges you can encounter in case of violating property rights. The following reasons explain further the difference between these two types of property.

Personal property is anything that is movable and can be subject to ownership expect land. Generally, personal property includes possession of any property, as long those properties are moveable and belong to someone. These properties are not affixed to the land. Sometimes, moveable properties are also referred to as chattels. Some of the chattel laws include all those laws regarding possession of the property, stolen property, lost property, gifted property, and abandoned property.

Tangible property – these are personal properties that can be touched or be felt. For instance, in business, the physical feature includes:

• Office Furniture
• Business vehicles
• Business equipment
• Business goods

An intangible property –, these are owned properties that cannot be felt or touched. For a business, the intangible property includes:

• Bonds
• Money
• Stocks
• Intellectual property

What Is Real Property?

Real Property is an owned property that is immovable. It describes the land and anything attached to it, and this is why the land is sometimes referred to as a real estate. However, steel and woods cannot be termed as land in themselves, but when they used to construct a building, they are then said to be real properties. Naturally growing trees and all property permanently attached in the land are identified as real property. However, plants that require human care, such as grains and vegetables, are never considered as real property.

The ranking of personal and real properties has enabled smooth legal procedures. For instance, while buying land, people are more likely to concentrate on what’s underneath the ground, such as minerals and gases. In such a situation, the selling and buying of that property must change.

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Did you know that according to the American Psychological Association, about half of all marriages will end in divorce at some point? That means when the marriage breaks up, so does the debt. You would think that each person would, ideally, want to take care of their debt. You would think that each party would bear the brunt of their responsibility concerning money and property. That is not the case, however.

Here are the 5 Things You Should Know While You File

The Legal Arguments For Debt

Do you live in a community property state? The debt you incurred will not be divided up according to who did the damage. In a community state, each party will be responsible for a portion of the debt.

Then, there is the question of those living in an equal distribution state. You could be responsible for paying down your husband’s debt without knowledge of what he did or did not do. The same thing applies if you are the husband. The courts will expect you to pay down any debts in your name.

In the bank’s eyes, a loan or agreement created by both parties overrides a divorce. Your wife could have racked up $100,000 in debt. As the husband or former husband, you are responsible for at least some of that.

You could take your ex to court over overdue and past due payments that have not been made yet. The only problem is that by the time you take it to court, your credit could already be wrecked. That goes for a single or joint account. You are affected as long as your last name is attached to the records., regardless of who is doing the damage.

Before and After Divorce

You could try to arrange some kind of plan before the divorce is final. You should also avoid leaving joint accounts open after the marriage is over. Your ex could easily rack up debt on your card and leave you with the bill.

What About Property?

The Equitable Distribution Law is designed to divide the property during a divorce. Sometimes it does not always happen equally, but the courts do try to make it as equal as possible.

Two Kinds Of Property

There is something called marital property. That is the property the two of you buy as a married couple. Say, for example, a married couple buys a home, but the wife’s name is on the deed. The husband could be entitled to some value from the home.

There is something called separate property. That is the property either of you owned before the marriage. That can also include inheritance r personalized gifts. These are still considered separate as long as only one person’s name is on the title.

The Verdict

The courts will usually decide how the property gets distributed based on the above criteria. The courts will also decide how to move forward with paying down the debt by looking over things like income and how long a marriage lasts.

Resource(s):

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html

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