Marital property is defined as all property acquired by either or both spouses from the date of marriage until the date of a separation agreement or commencement of a divorce action. The form of the title of any property is irrelevant. The law is based on the concept that marriage is an economic partnership, and tangible property should be equitably divided. There are some surprising applications of this rule. Gifts made between spouses are considered marital and not the separate property of the recipient. Lottery winnings are considered marital, particularly if the ticket was purchased with marital property. And by the way, your paycheck is marital property.
Copyright 2017 - 2018 Joanne P. Monagan, Esq.
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