What is separate property?
Separate property is all property owned by a married person before the marriage or acquired by gift, bequest, devise, or descent. Normally, upon dissolution of the marriage the owner of the separate property retains the separate property without division. This is in contrast with property that is treated as community property. In addition, it is possible for a spouse to acquire separate property during the marriage. If the property acquired is characterized by the court as separate property, even though acquired during the marriage, then that property is not subject to division. The significant battles in division of property usually occur over the characterization of the parties’ property. Often times the characterization depends upon a close factual scrutiny of the source of funds used to acquire the property, the intent of the parties in its acquisition, the subsequent use of the property, in what manner title is held to the property, and whether the property has been commingled wit
Separate property is anything owned individually (separately) by one spouse. Spouses can indicate that something is separate property by both spouses indicating the status in writing. Spouses may also incur separate debt by showing that the creditor was only looking to one spouse (or that spouse’s separate property) for repayment. However, separate property is usually limited to property owned before the marriage, gifts or inheritances, and post-separation earnings.
• How does the court determine how to divide the marital property? In making a division of marital property and in determining whether to make and the amount of any distributive award, the court shall consider all of the following factors: a. The duration of the marriage; b. The assets and liabilities of the spouses; c. The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage; d. The liquidity of the property to be distributed; The economic desirability of retaining intact an asset or an interest in an asset; e. The tax consequences of the property division upon the respective awards to be made to each spouse; f. The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property; g. Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses; h. Any other factor
Separate property includes property owned by a party before the date of marriage, property acquired by a party during marriage through a gift or inheritance from a third party (not the other spouse), and property acquired by a party after the date of separation using post-separation earnings. Separate property also includes income from separate property and property acquired in exchange for separate property. Debts are classified as separate if they were incurred before the date of marriage, after the date of separation or at any time for a non-marital purpose. Separate Property is not subject to equitable distribution.
Related Questions
- Would it be better for the two LLCs to form the partnership, or just have them create a separate partnership when they work on the joint property venture?
- When is it necessary to file a separate and distinct action for recovery of ownership or possession of property?
- Do property owners receive a separate bill for water or road maintenance?
