Marital Property Explained

When we enter a relationship with someone, we usually already have a lot of property of our own before we tie the knot. Some property that we probably own before marriage includes our car, jewelry, pets, and homes. You have worked hard for these things and paid a lot of your precious money to get them. When we enter a marriage, we begin to share a lot of these things. Unfortunately, not all marriages withstand the test of time. Divorces can get ugly. Both partners become emotionally distressed, and this makes for intense and passionate debates about who is entitled to which assets.

One of the main debates that comes up is what qualifies as marital property. Marital property is any asset that is acquired after your marriage has begun. It does not matter if only one person is listed as the owner, you both are legal owners. For example, if one partner purchases a vehicle and their name is the only one on the title, it is still marital property. There are a few exceptions to the rules of marital property.

They include:

Gifts: If someone gifts you something that is clearly meant for only you, that is not marital property. To keep it that way, you must be careful to avoid converting it into marital property. For example, if someone gives you a check that is meant only for you and you deposit it into a joint account, it is now marital property.

Inheritances: Much like a gift, an inheritance is not marital property, but it can be converted into it.

Personal Injury Awards: When you receive a personal injury settlement, all or most of it will be considered your personal property. However, if you deposit the money into a joint account, that award money is now marital property.

Contact Our Divorce Lawyer Today

The Law Offices of Steven H. Grocott is a divorce attorney serving the West Seneca, NY area. Divorce is a sad reality that many marriages face. They are times of intense emotion, and a fierce point of contention is the division of assets. The only assets that must be divvied up between soon-to-be ex-partners are those that are considered marital property. Our lawyers will help you determine what qualifies as marital property and make sure you get your fair share of that upon the completion of the divorce process.

Contact us today to schedule your initial consultation!