What Is “Marital” Property? Marital property is property acquired during the marriage. This includes both real and personal property regardless of how it is titled. Any property acquired during a marriage would be considered marital property. What Is “Separate” Property? Separate property includes property owned by one spouse prior to the marriage which retains its separate character and status during the marriage. The identity of separate property can only be lost if it is commingled with marital property.
How will the Court divide the Marital Property? The court must divide the marital property between the parties in a just and reasonable manner. This can occur by making a division of the property of like kind and value or by awarding property to one party and requiring the other party to be paid such sum to effect a fair division. Is My Business Marital Property? There may be instances where one or both parties own a business. If the business was created during the marriage or increased in value during the marriage due to marital effort, then all or a portion of the business may be considered marital property and would be subject to valuation and division by the Court. Is my retirement considered Marital Property? Like many other assets acquired during the marriage, a retirement account could be subject to valuation and division as marital property. However, an increase in value of a premarital retirement should remain your separate property while an increase due to marital effort would likely be considered marital property subject to division.
Are you facing property division in the divorce process? If so, contact the experienced team of attorneys at Keith & Associates Legal, PLLC. We are well-versed in asset and property division. Call us today at 918-574-8500.