Asset and Debt Division
Asset and Debt Division
What is the considered marital and separate property?
Marital Property vs. Separate Property
Marital property is all property acquired during the marriage, with some notable exceptions. Common examples of marital property include the marital home, cars, bank accounts, and retirement accounts or benefits, regardless of who those assets are titled to.
Separate property is property owned by each spouse that was acquired before the marriage. It also includes gifts or inheritances received by solely by one spouse during the marriage and that is kept separate from the marital assets. Separate property can be difficult to prove to a court, and sometimes income earned from separate property can be considered to be marital property.
If you and your spouse agree on how to divide your marital property, the court will generally honor your agreement.
Division of Property
- Duration of the marriage;
- Each spouse’s assets and debts;
- Tax consequences of property division;
- Costs of sale;
- Any existing premarital agreements;
- Retirements benefits belonging to each spouse;
- Any other factors the court deems necessary to ensure a fair division of property.
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Attorney Darren L. Meade
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