Practice-Areas– Equitable Distribution-Marital & Separate Property
One of the first steps in equitable distribution is determining which of the parties’ assets are marital or separate.
In general “separate property” is as property acquired before the marriage and “marital property” is property acquired by either spouse during the marriage. Property acquired before the marriage is marital regardless of whose name the asset is in.
There are some exceptions to the marital property rule, and some assets such as inheritance, gifts, and personal injury awards remain separate even if they were acquired during the marriage.
An asset which is purchased using separate property will typically remain separate property, and under certain circumstances.