What Is Considered Separate Property During A Divorce?
Are you planning to go through a divorce and wondering how assets are going to be divided? If so, know that some property would be considered separate property rather than community property. Separate property is something that you legally have a right to during a divorce and your spouse cannot take away from you during a divorce settlement. Here are some examples of what is considered separate property.
Property From Before The Marriage
If you outright owned something before you were married to your spouse, this is considered separate property. For example, if you owned a vehicle before getting married that was completely paid off, then that vehicle is technically your own separate property. The same applies to anything.
Property That Was Received As A Gift
Anything that was given to you as a gift, either before or after the marriage, is considered yours and not subject to asset division. While many people assume that this just includes gifts from other people, this also includes gifts that were given to you from a spouse. Even if the property was bought with communal money from the marriage, being given the item as a gift for a birthday, holiday, or anniversary means that the item belongs to you and cannot be taken back.
Property That Was Received Through Inheritance
If someone passed away and gave you property through inheritance, then that property would legally belong to you after a divorce. This is important if you are trying to hold onto property that has significant importance to you because it was handed down through inheritance. You won't have to worry about your spouse trying to take it during a divorce.
Property Purchased Using Your Own Money
One type of property that can get a bit confusing during a divorce is anything purchased with your own money during the marriage. Of course, in order to do this, you must have an established financial dynamic with your spouse where you both have your own money to buy things that are considered your own.
Compensation From A Personal Injury Lawsuit
If you were involved in a personal injury lawsuit due to an injury that you suffered, know that any settlement that you receive is safe from being divided during a divorce. That settlement is to help pay for your medical bills and your pain and suffering and cannot be taken away from you just because you are getting a divorce.
Contact a family law firm near you for more information.