Division of Assets
/ˈdɪvɪʒən əv ˈæsɛts/
Definitions
- (n.) The legal process of apportioning property and financial holdings between parties, typically occurring in divorce or dissolution of business partnerships.
The court ordered an equitable division of assets between the spouses.
- (n.) The allocation of assets among heirs or creditors in the administration of estates or bankruptcy.
The division of assets among the creditors was carried out according to the priority of claims.
Forms
- division of assets
Related terms
See also
Commentary
Typically involves either equal or equitable apportionment depending on jurisdiction; clarity in defining the scope of assets is crucial in drafting agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.