marital estate law
Marital estates are the sum of marital property. Though some
exceptions exist, generally, marital property is defined as
any property, real or personal, that is acquired by either spouse
during the period of marriage, regardless of whether the title to
the property is held individually or whether it is co-owned.
What is marital property versus non-marital property is often
hotly contested. Non-marital property can include property obtained
during or after the period of the marriage that is a gift, bequest,
or inheritance that is made by a third party to one but not to the
other spouse; property that is acquired either before or after the
marriage; or property that is excluded by post-marriage
agreements.
The definitions appear simple, but in practice it is rarely that
easy. A lawyer must trace a given property from its original
acquisition to its present state in order to prove that a certain
property is non-marital. Determining whether a given property is
marital or non-marital is often a matter of some difficulty when the
asset in question is an investment account, for instance, or various
funds that have gone in and out of real property acquisition.
Marital estates can be enormously complex, involving closely-held
businesses, pension plans, investments, real estate, and all kinds
of personal property that often have a sentimental value. Depending
on the size and complexity of the estate, valuing a marital estate
may involve either neutral experts or experts retained by either
side.
atty@buzbeelaw.com
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