While no two marriages or divorces are the same, property division proceedings are often one of the most complicated and difficult parts of the process for people. Depending on the length of the marriage, as well as the couple’s financial portfolio, accurately identifying and valuating marital assets can be rather complex. Beyond that, many people have a difficult time recognizing the type of assets that are considered non-marital property in a divorce. Provided below is a brief explanation of what can qualify as marital and non-marital assets in the property division.
According to Expert Beacon, determining whether any particular asset should be considered marital or non-marital property in a divorce can depend upon several different factors, including when the asset was acquired and how it was used. Generally, non-marital property is defined as any property that was acquired by either spouse prior to getting married. Marital property is typically recognized as assets that are accumulated during the course of the marriage. It is important to note, however, that non-marital property can legally become marital property under a number of circumstances.
Any time the non-marital property is combined with marital property and/or is made available to either or both spouses during the course of the marriage, it may be considered marital property. For instance, depositing individual inheritance money into a joint savings account can result in that money being subject to property division. There are also instances, however, where the presumed marital property may actually be non-marital property under the law. Therefore, the general information provided above cannot be used as legal counsel in any case.