FindLaw.com Free and reliable legal information for consumers and legal professionals Property plays an important role in family law, especially in divorce proceedings. Matrimonial property is an economic resource acquired by either party during the marriage. This includes anything that has a monetary value received between the date of marriage and the date of actual separation. Intangible assets are not physical in nature, but can have long-term value, especially for a business. Examples include intellectual property (such as patents, copyrights, trademarks), goodwill, exclusive use of contracts, and rights to commercialize a product. If the individual intangible assets are worth less than $50 each, they can be aggregated into aggregate assets by a holder. The FindLaw Legal Dictionary – free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries. In bankruptcy, any form of property owned by a debtor may be considered an asset as long as there is no exemption from insolvency. This means that an insolvency practitioner typically sells the assets of an insolvent person if they have a financial value that can be paid to creditors. For income tax purposes, capital property is real property held by a taxpayer for personal pleasure or investment, such as a house, furniture, stocks and bonds, or an automobile, but excludes inventory, trading accounts and receivables on promissory notes, depreciable property, industrial property, copyright and short-term government obligations.
When a capital asset is sold, the profit received benefits from preferential tax treatment. A current, liquid or fast asset is something that can be easily converted into cash, such as stocks and bonds. Companies are required to report all their assets and liabilities on their balance sheets. According to accounting standards and company law, there are two main types of assets that are relevant to the valuation and financing of a business. Anything that is considered matrimonial property is weighed against the matrimonial debt to determine the division of property and the amount of spousal support. When calculating child support, the assets of the non-custodial parent are used to measure the amount they will pay. In bankruptcy, an asset is any form of property that belongs to an insolvent debtor and is not exempt from debt repayment. An intangible asset is an asset to which all monetary value is associated because it has no intrinsic market value, but represents a financial value, such as goodwill of a business, trademarks or patents. A deferred asset is an asset that derives from earned income and is not yet due. For example, a accrued dividend is a portion of a company`s net income that has been declared but not yet paid to its shareholders. As mentioned above, assets can be both tangible and intangible. A tangible asset has a physical form and finite monetary value defined by an appraiser.
It can be real estate such as a building, land or personal property. Tangible capital assets can also be used to pay off their debts. Asset prices are based on their market value or book value. Market value refers to the value of an asset as measured in the market, while book value is the value of the asset as reported on a company`s balance sheet. In family law, particularly in the context of divorce, matrimonial property is an economic resource acquired during marriage; This goes from the date of marriage to the date of actual or real separation. The matrimonial property is then weighed against the marital debts when the property is divided and spousal support is awarded. In the context of child support, the assets of the non-custodial parent are calculated when calculating the amount of maintenance payable. In financial, corporate and corporate law, assets play a key role in the financing and evaluation of the organization.
An enterprise reports all its physical, intangible and liquid assets on its balance sheet. The valuation of all of an organization`s assets determines how much debt it can receive, determines interest rates on the debt, affects tax liabilities, and often changes the market value of the business. Are you a lawyer? Visit our professional website » There is also another type of asset known as frozen assets. These cannot be converted into cash because the debts have not been paid, due to a government order, or without significant losses. Abogado.com The #1 Spanish Legal Website for Consumers An asset is something of value belonging to a person or organization. An asset can be a physical property, such as a building, or an intangible property, such as a patent. Wealth is an important component and differs in many areas of law. A capital asset is an asset that is used permanently or long-term for the operation of a business and that is not intended for sale. At FindLaw.com, we pride ourselves on being the leading source of free legal information and resources on the Internet. Contact us. Read on to learn more about the main asset types and see relevant examples. LawInfo.com Federal Bar Directory and Legal Consumer Resources n.
in general, all property that has monetary value, including objects of sentimental value (especially in the estates of the dead). Assets are reported in the balance sheets and inventories of business estates. There are current assets (including trade receivables), fixed assets (basic equipment and structures) and intangible assets such as goodwill and marketing rights for a product. A frozen asset is an asset that cannot be easily converted into cash, such as real estate when there is no market, or that cannot be used due to a legal restriction, such as a donor savings trust. An asset is something that has monetary value and belongs to an individual or organization. Assets can be both tangible and intangible and are classified differently depending on the specific legal context. A financial contract or physical object of value belonging to a person, company or state that can be used to generate additional value or provide LIQUIDITY. Assets are credits on the balance sheet and may include cash, investments, receivables, loans granted, INVENTORY, real estate, plant and equipment, and goodwill. Assets are characterized by varying degrees of LIQUIDITY and can be financed by DEBT or EQUITY. See also LIABILITY. ConditionsPrivacy PolicyDisclaimerCookiesDo not sell my information. Source: Merriam-Webster`s Dictionary of Law ©, 1996.
Licensed with Merriam-Webster, Incorporated. Supported by Black`s Law Dictionary, Free 2nd ed., and The Law Dictionary. Copyright © 2022, Thomson Reuters. All rights reserved. SuperLawyers.com directory of American lawyers with the exclusive Super Lawyers Real or Personal Property rating, whether tangible or intangible, which has financial value and can be used to pay off its owner`s debts.