Sentences with phrase «spouse acquires an asset»

If your spouse acquires an asset by purchasing it with money he earned while you're married, this makes the asset marital property.

If your spouse acquires an asset during the marriage with money that's his separate property, you have no right to it.

Not exact matches

Property acquired by the spouses during their marriage (e.g., family home, retirement plan assets) generally qualifies as marital property.

In other states, namely community property states, assets acquired by spouses with a right of survivorship are also titled as community property.

Your spouse has the ability to give away any of their assets that are not community property (property acquired during a marriage) to whomever they choose.

Any assets and / or debts acquired by spouses during marriage belong to both spouses, and must be split equally during divorce proceedings.

«Equitable distribution» is used in all other states, which means that all property, assets and earnings acquired during the marriage are «equitably distributed» between the spouses.

The reasoning was primarily based on the general principles of the 1985 Act that spouses should share only the wealth accumulated by a spouse over the period of the marriage, and in particular, section 10 (4) which defines matrimonial property as only assets which are acquired during the marriage and before the relevant date.

Married spouses have automatic entitlement to an equal share of all assets acquired in the marriage.

Several factors, including the length of the marriage, skills and relative abilities of the parties, age and health of the spouses, needs and opportunities to acquire future assets, and other criteria are considered.

If one spouse owns property before marriage, or acquires it by gift or inheritance, a court will usually treat that property as a non-marital asset and award it to the original owner in a divorce — but not always, and the judge has discretion to include that property in the division.

Items that are not joint property under the statutory regime comprise premarital assets, inheritances and gifts acquired during the marriage, and chattels acquired by a spouse during the marriage for normal personal use or for the exercise of a profession.

In the absence of such an agreement, the statutory matrimonial property regime applies, meaning joint ownership of all assets acquired during the marriage, regardless of the name under which they are held, but only if they were acquired by means of a joint contribution by both spouses.

Marital property in Florida is considered to be all assets and debts either spouse acquires during the marriage, unless there is a valid written agreement stating otherwise, regardless of whether the property or debt is only in one spouse's name.

Any assets acquired and liabilities incurred during the marriage, individually by either spouse or jointly by them

It does not matter whether an asset is only in one spouse's name or was acquired before the marriage or after.

Marital property is any asset acquired by either spouse during the course of the marriage.

Calgary Exempt Property Lawyers want you to know that the rules for Calgary exempt property operate so as to exclude from division the exempt property's starting market value for assets owned by one spouse alone when the marriage started or when the asset was acquired in cases of gifts, inheritances, insurance proceeds and certain injury damage awards.

This law provides that all assets and debt acquired during a marriage are considered marital property and are therefore subject to division among the spouses.

Although California is a community property state — meaning that marital assets acquired during the marriage are split evenly between spouses — there are nuances to the general law that can affect whether a court will divide certain property or allow one party to retain sole possession.

Non-marital assets are generally defined as anything acquired by a spouse before the marriage, or during the marriage by gift, devise or bequest.

PREMARITAL ASSETS - assets acquired by one spouse prior to a marASSETS - assets acquired by one spouse prior to a marassets acquired by one spouse prior to a marriage.

The concern should not only be what is the correct percent distribution to each spouse, but also what are the most appropriate assets for each party to acquire?

Separate property includes an inheritance to one spouse during the marriage; property acquired by a partner before the marriage; passive income and appreciation acquired from separate property during the marriage; property acquired by one spouse after a decree of legal separation; property excluded from the couple's marital property by a premarital agreement; a spouse's personal injury compensation, except for loss of earnings during the marriage and compensation for expenses paid from marital assets; and any gift given to only one spouse.

If you live in a community property state — Arizona, California, Louisiana, New Mexico, Nevada, Idaho, Texas, Washington or Wisconsin — assets and debts you acquire during your marriage belong equally to both spouses, except in certain narrow circumstances, such as assets acquired by inheritance or gift that you kept separate from your marital assets.

Marital property means assets acquired by either spouse during a marriage as well as separate property brought into a marriage and converted into marital property.

Marital property typically includes assets acquired during the marriage and separate property belongs exclusively to one spouse.

If separate property is commingled with marital property, the judge may give the spouse claiming the property is separate property an opportunity to trace the assets, either separate or marital, used to acquire the property through an examination of bank records and other helpful resources.

Any asset you or your spouse acquired during the marriage is considered marital property.

Generally, the court does not have authority to divide a spouse's separate property, which includes assets acquired before the marriage or by gift or inheritance.

Assets considered include property brought to the marriage by one spouse, property acquired during the marriage by one spouse, and that acquired through joint effort.

Assets owned by the spouses individually — even those acquired before marriage — are considered when deciding how to apportion property.

However, courts may award one spouse more of the marital estate, depending on the contribution each spouse made to the property's acquisition, if the property was acquired before marriage or through gift or inheritance, the economic circumstances of each spouse (if one spouse squandered community assets during marriage), and the current income and earning potential of each spouse.

Community property states, such as Arizona, view assets acquired during a marital relationship as equally shared between spouses.

Moreover, if your separation agreement incorporates non-dissipation language, then your spouse can't liquidate your bank accounts or any other assets that were acquired during the marriage.

Non-marital assets and liabilities include things acquired by either spouse before the marriage, gifts or inheritances received during the marriage, and things you and your spouse have agreed in writing to consider as non-marital assets.

If the home is being acquired by one spouse who plans to live there for several years and is not ever likely to incur a capital gains tax upon a future sale, he / she takes all the equity in the home tax - free, both present and future - acquired, while the other spouse takes a retirement asset which he / she will have to eventually pay taxes on.

Marital Asset - generally, anything that you and / or your spouse acquired or received (by gift or purchase) during the marriage.

Before awarding assets, courts examine factors such as the husband or wife's earning potential, the individual responsible for acquiring the marital assets, the value of the work one spouse performed in the home, the length of the marriage, the age of the spouses, and the expected cost of providing for the children.

In community property states, courts award each spouse half of all assets and debts acquired during the marriage.

Separate property is defined as those assets acquired by each spouse before they married each other.

Generally, assets (real or personal) acquired before the marriage or by gift or inheritance during the marriage may be excluded from the marital estate if neither the property, nor its income, has been used for the common benefit of the both spouses during the marriage.

Like other assets, pension may be transferred from one spouse to another in cases of divorce to the extent that part of the pension was acquired during the course of the marriage.

According to Michigan law, any assets or debts acquired by either spouse during your marriage are considered part of the marital estate, with rare exceptions made for gifts and inheritances.