021 – Keeping Non-marital Property Separate in your Divorce
When you and your wife get married, you begin the process of creating “marital property”. That property that will be divided between you should you ever divorce. What is marital property and how to you keep property from becoming marital? Find out in this episode. At its most basic level, marital property is that property that you acquire during the marriage. No matter how it is received, whose name it is titled in, or who paid for it. It is marital. Some states automatically divide property equally upon a divorce. Those states are called community property states and they are the minority. The following are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaskan residents can also opt-in to a community property agreement.
The remaining states are equitable apportionment states. It is likely that a judge may divide things up equally in these states as well; however, the judge has the discretion to divide up the assets in the most equitable manner, and that may not be 50/50.
Non-marital property is that property owned by the individuals prior to a marriage and obtained in special circumstnaces during the marriage (gift from a third party, inheritance). But, if you aren’t careful, your non-marital property can be transformed into marital property. Find out how you can keep your separate property separate in this episode.
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