The parties can agree to divide their property on their own, to their mutual satisfaction, without court intervention. If, however, the parties cannot agree on a property settlement, the court will determine whether assets owned by the parties are marital or separate property, and how they should be divided.
As a general rule, all assets acquired during a marriage are considered marital property, and are subject to equitable division unless the Court decides that an equal division would not be fair for some reason. Assets that were acquired prior to the marriage, as well as certain other types of assets (ie: inheritances, personal injury settlements, or a gift solely to one of the parties) are considered separate property, and generally are not subject to division. This is a very complex subject, and we can explain to you how the assets owned by you and your spouse would be valued, characterized, and likely divided by the court in the event of a divorce.