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Marital Property vs. Separate Property: Facts You Should Know
It's great getting new clients - whether selling a new home or closing a new loan. Sometimes we don't realize how our hand in a transaction plays into other facets of our client's circumstances.
Take Marital Property vs. Separate Property for instance.
Generally, there are three basic questions divorcing clients ask when deciding to get a divorce:
1. What is our propety?
2. What is it worth?
3. How are we going to divide it?
After answering these three questions, the obvious first step is to determine what portion of the equity is marital and what is non-marital. State laws vary broadly on this issue. Some state, primarily those that we call equitable property states, include in their statues categories of assets that are not divided in a divorce. Property must be identified as marital or non-marital before distributing in a divorce proceeding.
What's the difference?
Separate property is primarly any asset acquired before the marriage. The two most common forms of non-marital property are those acquired by:
1. Acquired by gift, legacy, or descent prior to or during the marriage and,
2. Before the marriage and not transferred into co-ownership with a spouse.
Marital property is primarily all property acquired during the marriage. In some states the increase in value ... more
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