What’s The Difference Between Real And Personal Property?
When you search for the word “property” on the Internet, you’ll likely come across the terms real property and personal property. Understanding the differences between these two property types is important.
When someone mentions real property, they’re talking about a family home (along with any mortgage obligation), a building, unimproved tracts of land, and mineral interests. Even things like materials used to build a structure that is attached to the land in question are considered real property.
The biggest thing you need to remember here is that real property is anything that is attached to land as well as the land itself. It is commonly referred to as real estate, and is fixed property – fixed as in, it cannot be moved.
If real property is defined as anything attached to land as well as the land itself, than personal property is everything else. What we’re talking about here are bank accounts (shared or individual), insurance policies, furniture, fixtures in the home, and stocks. Other types of personal property can include vehicles, boats and collectibles, antiques, books and pensions.
Personal property is viewed as an asset and can be used in determining a person’s net worth.
Real and personal property in divorce-related matters
Now that you understand the differences between real and personal property, take a look back at a few articles from our blog archive. Each gives a better indication of how different property types relate to divorce-related matters – including division and confirmation and how value is placed on property. We’ve left a small sample of those blogs below.
Dividing and Confirming – A digestible overview
Does the court hearing your divorce case have full jurisdiction?
Valuing Marital Property – Fair Market vs Intrinsic Value
Please don’t hesitate to check our blog archive for more information on this topic or any others that might interest you. And if you would like us to discuss a particular family law topic in these blogs, please contact our Nelson Law Group, PC office to let us know. We will be glad to help you.