Tuesday, June 3, 2008
Marital vs Non-Marital Property
Marital vs. Non-Marital Property
“Marital” property and marital obligations (debt) are divided by the Court and distributed to the spouses
in percentages that the Court considers fair. Marital misconduct is not a factor for property distribution. The court looks at several factors such as the
length of the marriage, contributions, including as a homemaker, dissipation of marital and non-marital assets, value of property assigned to each spouse, tax consequences, child custody and the parties’ economic circumstances.
“Non-Marital” property is not divided but is awarded to the spouse that owns the property.
If a husband or wife inherits or is gifted any property during a marriage, that property is non-marital property, and will remain the sole property of the spouse receiving any such inheritance or gift. However, if the inheritance or gift is placed in co-ownership with the other spouse, then the inheritance or gift is considered a gift to the marriage, therefore, changing from non-marital to marital asset.