post cover

Categories of Separate Property in Marriage

  • By Phil Press Institute 
  • Category: On The Record 
  • Comments (0) 

But there are different property categories in marriage and not all properties will be divided between you and your ex. Separate property remains the belonging of one spouse, but it is not that easy to designate, explains a Denver, CO family attorney. Here are the primary categories of separate property:

Property Acquired Before Marriage

All the properties you and your spouse acquired before your union will remain separate. It is, therefore, prudent to keep the receipts and other proof of acquisition of your property before marriage. Some couples, however, opt to rescind their sole property ownership after marriage. This should, however, be indicated in your marital agreement to be legally binding.

Inheritance and Gifts During Marriage

Any inheritance or gift a spouse gets in the course of marriage remains his/her separate property. The husband or wife, therefore, has no access to this inheritance or gift and its proceeds. A gift between spouses is considered marital property unless it is stated as a separate property in its conveyance.

Debts Prior to Marriage

Any debts you incur prior to marriage will remain your separate property. These include student and credit card loans, among others. In some cases, debts incurred during your marriage will be considered separate property if they were not acquired for the benefit of your marriage.

There are many regulations controlling the above categories of separate property. Navigating the process alone in your divorce or separation is not an option. Get a seasoned lawyer to increase your chances of getting your fair share of all the properties once you and your partner decide to call it quits.

READ  Why Traditional Asset Protection Tools Often Fail

Recent posts

  • teenager woman outdoorsLegal Rout…
    Parents are responsible for their child’s welfare until they […]
  • Paralegal CareerThe Outsta…
    Due to the proliferation of courtroom drama on TV and movies, […]
  • Microsoft …
    Brad Smith, Microsoft’s president and chief legal officer, […]
  • Marriage EqualityA Final De…
    The question of marriage equality has been a hot topic for at […]
  • Child CustodyMistakes Y…
    Divorce comes with so many emotional issues that require keen […]
  • The Need t…
    Juvenile delinquency is still a widespread problem in the U.S. […]
  • Medical MalpracticeSaying Sor…
    Whether people like or not, medical errors can happen. When they […]
  • Online Paralegal TrainingModern Tec…
    Modern technology has changed the way the world moves — and the […]
  • Divorce Advice from Laywers vs FriendsDivorce Ad…
    The decision to pursue or finalize divorce is not always an easy […]
  • Couple sitting with laptop on couchFour Thing…
    Before moving to a big city like Los Angeles, you should know […]