Property that is not considered marital is identified as “separate property” by law. Any property owned prior to the marriage is separate property. Inheritance proceeds, in any form, such as real property, cash, stocks, and bonds, is separate property, whether it is received before or after the marriage. The settlement proceeds from a personal-injury matter are the separate property of the spouse receiving the funds. Property acquired after the commencement of the divorce action is separate property, unless marital property was used to obtain it.
Copyright 2017 - 2018 Joanne P. Monagan, Esq.
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