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Separate Property

Under this prenuptial agreement, “Separate Property,” also referred to as “Non-Marital Property” or “Separate Estate,” encompasses various types of assets owned by one party prior to the marriage or acquired under specific conditions. The key aspects of Separate Property include:

  • Assets List: Any assets detailed in attached Exhibits “A” and “B” are considered Separate Property.

  • Acquisition Types:

    • Properties received as gifts, legacies, or through descent.
    • Properties acquired in exchange for assets owned before the marriage or received as gifts, legacies, or descent.
    • Properties explicitly excluded by a valid agreement between the parties.
    • Properties owned before marriage.
    • Accounts or properties acquired post-marriage in one party’s name, without using marital funds.
    • Appreciation and income from the aforementioned assets, under certain conditions.

  • Retirement Plans: Benefits and accounts accrued before marriage in retirement plans remain Separate Property, subject to specific documentation and agreement compliance.

  • Income and Property Acquisitions: Income or property acquired by a party’s effort, either before or after marriage, which is not commingled with the other party’s assets, is deemed Separate Property.

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Marital Property

Marital Property refers to assets acquired during the marriage and includes:

  • Jointly Titled Assets: Property acquired during the marriage, titled in both parties’ names.

  • Contributions and Transfers: Utilization of income or Separate Property to jointly acquire or title property. Appreciation of such jointly held assets is also considered Marital Property.

  • Division upon Separation: In legal separations or marriage dissolutions, Marital Property is typically divided equally between the parties.

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Contributions and Transmutations

  • Non-Transmutation of Separate Property: Contributions to Separate Property from Marital funds are considered gifts unless specified otherwise through legal documentation or objection.

  • Protection of Separate Property: Any post-separation contributions to Separate Property are subject to reimbursement to the Marital Estate, ensuring the Separate Property’s integrity.

  • Income Post-Marriage: Income earned after marriage is presumed to be Marital unless stipulated otherwise in the agreement.

  • Retirement Contributions: Post-marriage contributions to retirement accounts are treated as Separate Property if not commingled.