Marital and Non-Marital Property
In a legal scenario concerning married individuals, the court will first determine marital and non-marital properties. All of the belongings acquired by either spouse before marriage are considered non-marital properties; the rest becomes marital properties and will be divided equitably among the spouses.
However, there are assets acquired after or during marriage that are still considered non-marital properties. These “exempted” possessions include those acquired: by gift, legacy, or decent; in exchange for assets obtained before marriage or in exchange for assets obtained by gift, legacy, or decent; and by a spouse after a judgement of legal separation.
In some cases, couples enter into marital property agreements before (pre-nuptials) or after the marriage regulating their financial affairs during the course of the relationship and determining the division of properties in the instance of divorce, dissolution, or separation.
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