If you have questions or need help with an equitable distribution legal matter, please call Tully Rinckey at 8885294543 or email: info@tullylegal.com
Marital property is property acquired by either spouse individually or the couple together during the time of marriage. There are three exceptions: inheritance received by one party, gifts given to one spouse by a third party, and compensation for personal injury received by one party.
Separate or non-marital property is the property that each individual spouse brings into the marriage. However, in order for property to remain separate it should be kept in only one spouse’s name and not commingled with other marital property. Once separate property has been mixed, it is presumed to be marital property.
Businesses, professional licenses and practices, and earning potential are also considered “property” and are subject to equitable distribution. There is an important distinction between separate and marital property because this affects how property is divided. Upon divorce, separate property remains the property of the person who owned it prior to the divorce. Marital property, on the other hand, is divided between the spouses. In addition to the assets acquired during marriage, marital debt is also evaluated and equitably distributed upon divorce.