What is the difference between marital and separate property?
Marital property is all property acquired during the marriage – regardless of how title is actually held. Separate property includes all property acquired before the marriage and also includes inheritance, gifts from third persons, compensation for personal injuries and property acquired after the start of an action for divorce. Basic Tort (Injury) Law Concepts Each person has a duty to use reasonable care toward others. If a person fails to do so and this causes another person to be injured, we say that the defendant was negligent. The defendant becomes liable to compensate the injured party. If the injured party was partially at fault, this compensation is reduced by his or her proportionate share of fault. A monetary award typically consists of payment for loss of past and future wages and pain and suffering. This award is intended to allow the injured party (as best as possible) to be in the position they would have enjoyed had the injury never occurred. Damages for “loss of qualit
Marital property refers to all assets and properties that were acquired or accumulated by either spouse during the marriage. Marital property is subject to equitable distribution during the divorce proceeding. Common examples of marital property include real estate, pensions, bank accounts, money, time shares, furniture, motor vehicles, jewelry, debt, stocks, etc.
Marital property is all property acquired during the marriage – regardless of how title is actually held. Separate property includes all property acquired before the marriage and also includes inheritance, gifts from third persons, compensation for personal injuries and property acquired after the start of an action for divorce.
