Yours, Mine and Ours: Categorizing Marital and Non-Marital Assets

So, you’re considering getting divorced, but might have concerns on what your spouse may be entitled to, or what you may have to give up to your spouse. In a divorce, only marital assets are subject to equitable distribution between spouses.  However, the appreciation portion of some marital assets is due to contributions to the marriage, may be also subject to distribution.  Regardless, a non-marital asset may not be distributed to a non-owning spouse. Now, you might be asking, “what is marital and what is non-marital?” below are some examples.

MaritalNon-Marital
·       Assets Acquired During the Marriage, Individual or Jointly

·       Interspousal Gifts- Gifts Given to One Another During the Marriage

·       All Vested and Non-Vested Benefits, Rights and Funds Accrued During the Marriage in Retirement, Pension, Profit-Sharing, Annuity, Deferred Compensation and Insurance Plans.

·       The Enhancement in Value A of Non-Marital Assets That Resulted from The Contribution of Marital Effort or Funds.

·       All Real Property Titled as Tenant by The Entireties

·       Inheritance

·       Assets Owned Prior to the Marriage

·       Gifts From a Third Party During the Marriage

·       Assets Acquired After the Date of Filing

 

Each case is unique, and these lists are not exclusive. If you have questions or concerns about personal assets and what you or your spouse may be entitled to in the event one of you decides to file for divorce, we recommend reaching out to an attorney for legal advice tailored to your personal circumstances.