You may have heard the term “separate property” if you are considering getting a divorce or have had any discussions connected to divorce. When it comes to dividing assets between two people who are going their separate ways, there is the property that the couple acquired during the marriage and there is separate property.
If the spouses earned separate incomes while they were married, that is considered separate property. However, if those funds end up comingling with marital property, the line between marital and separate properties may be blurred. The same applies if the money that the spouses earned are used to pay for assets that they own together. Even if the money that is used to pay for marital assets was earned before the marriage existed, it is still considered marital property.
The intention to keep properties separate
There are many married couples who work hard at keeping their property separate (that includes funds and other property). If they do that but some of their property comingles, it may not affect their separate property status. Just because separate funds were placed in a joint account does not necessarily make all of the money marital property.
If there is some property that appreciates passively (on an asset that is separately owned), that appreciation is considered separate property as well.
How is an inheritance that is acquired during the marriage considered?
If one spouse acquires an inheritance while the couple is still married, that inheritance is generally still considered separate property.
Personal injury compensation
If a person has suffered a personal injury, the compensation for the pain and suffering that the person receives is not considered marital property. On the other hand, if the person is injured on the job and receives compensation, which is meant to fill in the gap for the lost wages that the couple will experience because that person is unable to work, that compensation is considered marital property.
Valuable advice from a divorce attorney
If you are divorcing and are having conflicting issues and confusion about how to proceed, the valuable advice of a Savannah divorce attorney may make a world of difference to your case. The attorney can advise you on which steps to follow and how to get the maximum benefit so that everyone involved is satisfied in the end.