What is an asset?
What is considered an asset or property?
Answer
The requirement to define what is considered an asset may occur in situations such as determining eligibility for social services, wage garnishment in debtor-creditor law; enforcing judgments; and child support calculations, as well as bankruptcy and tax hearings. The assets of deceased individuals must also be identified.
Terms often used when discussing assets include liquid assets. non-income-producing assets, personal property, and real property, Look in the indexes to the New York State Code and subject specific resources to find appropriate definitions.
Some New York Code Sections and Regulations that define assets:
- Domestic Relations Law § 240 Custody and child support; orders of protection
- Estates, Powers and Trust Law 1-2.15 Property
- Estates, Powers and Trusts Law 5-3.1 Exemption for benefit of family
- Family Court Act § 413 Parents' duty to support child
- 18 NYCRR 346.11 Dept of Social Services. Support Collection. Article 52 executions
- 18 NYCRR 352.23 Dept of Social Services Pt 352 Standards of Assistance – Use of resources—general policy
- 22 NYCRR 207.20 Surrogate’s Court Rule – Inventory of Assets