When you get divorced, you have to divide marital property. On the surface, that may sound pretty straightforward, but it definitely is not. Robinson & Henry Lead Family Law Attorney Allison Sutton provides a quick rundown of what’s considered marital property and separate property.
Have Questions About How to Divide Marital Property?
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Marital Property v. Separate Property
When it comes to marital property there’s a presumption that any property acquired or debt incurred during the marriage is marital. But that’s not really the case. There are exceptions. Gifts you receive are not necessarily marital property. Also, if you get some kind of inheritance, that may not be counted as marital property. Also, any property that you acquire after you are legally separated is your separate property.
What to Know About Separate Property
Let’s take a look at the inheritance and gift pieces of separate property because these are quite common to receive. Let’s say you get a sum of money from your grandmother’s estate after she passed away. Where did you put that money? Did it go into your joint checking account, or did you place it in an account held only by you? If you put that money into an account that has marital funds in it, then you have comingled your inheritance with marital funds. When that happens, it becomes a marital asset instead of separate property.
Talk to a Divorce Attorney About How to Divide Marital Property
Depending on your personal circumstances the task to divide marital property may or may not be an easy one. Our Family Law Team offers a free initial meeting to talk about your circumstances and answer some of your questions. Set up some time to meet when you call 303-688-0944 or make the appointment online.