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• SEPARATE PROPERTY •
A person’s separate property generally is defined as property owned by one spouse before marriage or acquired during the marriage by gift or inheritance, as well as rents, issues and profits from such property; and earnings and accumulations of the spouses living separate and apart from the other spouse. It includes both assets and obligations.
Special circumstances may apply with regard to separate property:
• Education and degrees obtained during the marriage are the recipient's separate property. However, the other spouse may be entitled to reimbursement under certain circumstances.
• Often one spouse will contribute separate funds to purchase a community asset, such as the down payment on a house. When tracing the down payment source, the classification of these funds may depend on how the asset is titled. In many cases the form of title to the property establishes the property’s character. Proportional tracing is permissible only when the asset is either untitled or the form of title does not tend to show that the parties agreed to some other form of ownership.
KIRK & SIMAS' family law attorneys work closely with our business and real estate team to carefully analyze all property issues and assure proper characterization.
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