Types of Property

Question 1

two types of property

Answer 1

separate property
marital property

Question 2

separate property

Answer 2

generally includes
1. Before marriage: acquired before marriage by either spouse
2. By gift or bequest: property acquired by gift, bequest, devise, or descent (family money) during marriage by either spouse
3. Separate property proceeds: acquired by separate property proceeds
4. appreciation b/c of time: appreciation of separate property by time NOT efforts by either spouse

Question 3

marital property

Answer 3

all property acquired during marriage that is NOT separate property (regardless of title holder)
1. appreciation b/c of effort: appreciation of separate property by efforts of either spouse
2. pensions: portion earned by one spouse during marriage
3. (some states) professional license or degree reimbursement: support contributing to other spouse’s degree or license

Question 4

comingled property

Answer 4

separate property that is inextricably mingled with marital property
OR
separate property of the other spouse that becomes marital property