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.

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.

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.