Marital and Nonmarital Property

Question 1

Marital Property Presumption

Answer 1

• All property acquired by either party during the marriage is presumed to be marital property, and is to be distributed between the parties at divorce without regard to title, whether held individually or in some form of co-ownership
• Burden of proof to rebut the presumption
  
  • is on the spouse claiming that it’s seperate property

Question 2

Marital property includes:

Answer 2

the increase in value of nonmarital property owned by a party before the marriage

Question 3

Nonmarital Property (Separate Property)

Answer 3

marital property does not include

1. property acquired prior to marriage, or property acquired in exchange for such property (except for increases in value during the marriage);
2. property acquired between final separation and the date of divorce, except for property acquired in exchange for marital assets;
3. property acquired by gift (except gifts between spouses), bequest, devise, or descent, or property acquired in exchange for such property;
4. veterans’ benefits, unless received due to waiver of retirement pay
5. any payment received as a result of an award or settlement for any cause of action that accrued prior to the marriage, or after the date of final separation, regardless of when the payment is received;
6. property that a party has sold or otherwise disposed of in good faith and for value prior to the date of final separation;
7. property that has been mortgaged or otherwise encumbered in good faith for value prior to the date of final separation; and
8. property excluded by valid agreement of the parties entered into before, during, or after the marriage