Can property acquired prior to marriage be divided upon divorce?
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Can property acquired prior to marriage be divided upon divorce?
Any assets acquired before the marriage are considered separate property, and are owned only by that original owner. A spouse can, however, transfer the title of any of their separate property to the other spouse (gift) or to the community property (making a spouse an account holder on bank account).
What are considered marital funds?
It will include marriage assets that are in either party’s name, in both party’s names and all assets that are under either party’s control. Usually, it will only be the assets that existed at the time the parties separated, unless those assets were used by one party to create a new asset after the separation.
What is an asset in divorce?
When a couple is divorcing or separating, they generally have a variety of assets that will need to be divided between them. Assets might include a home or other real property, a business, bank accounts, or retirement accounts. Below is a list of the most common assets divided in a divorce.
Are gifts included in divorce settlements?
In many cases, gifts from parents will not be subject to equitable distribution in divorce. While couples’ marital assets are subject to distribution, gifts will often qualify as “separate property,” and this means that they remain the sole property of the recipient spouse.
