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Prior acquired property versus marital property. If you own something before the marriage and there's divorce, is your ex-spouse entitled to anything that you had prior. The general rule is that when we deal with divorces the subject matter of what we are dividing are the marital assets. This is distinct from separate property. Those assets not accumulated during the marriage. There are exceptions and bears looking into. The classification of something as non-marital does not etch yet in stone as non-marital. The quality of the non-marital item become a marital item based on the conduct of the parties. You have accumulated 100K before marriage and put it in a bank account. The 100K is the result of your blood, sweat, and tears. Your 100K is a separate property. You take that 100K during the marriage. Deposit it in another account, You changed the character of the 100K. You gifted it to the marriage. Now it has become a marital property. Half of that 100K is now owned by your spouse. You may choose to keep the 100K where it is and allow it to grow. During the divorce, if the value has increase to 120K, the 20K is considered marital asset. It will be subject to division.
(248) 590-6600 Call/Text
Download Divorce & Custody Survival Guide. Click here: https://akivagoldman.com/wp-content/uploads/2022/08/Michigan-Divorce-Custody-Survival-Guide-Goldman-Associates-Law-Firm-1.pdf
Schedule Your Complimentary Phone Consultation: https://app.acuityscheduling.com/schedule.php?owner=17105687&appointmentType=18529428
Visit us at http://www.choosegoldmanlaw.com/
For more information: https://akivagoldman.com/michigan-divorce-lawyer/
For additional information, watch these videos: Is [An Inheritance Considered Marital Property] - ChooseGoldmanlaw https://www.youtube.com/watch?v=V6iackgJOA0
Can I Sell The Marital Property To Pay For My Attorney - ChooseGoldmanlaw https://www.youtube.com/watch?v=UIjCi087uZU
For more information, read blog below: https://akivagoldman.com/prior-acquired-property-vs-marital-property-choosegoldmanlaw/
#Michigandivorce #Michiganmaritalproperty #Michiganacquiredproperty #PriorAcquirevsMaritalProperty #ChooseGoldman #ChooseGoldmanLaw #Goldmanandassociateslawfirm
#ChooseGoldmanLaw
Prior acquired property versus marital property. If you own something before the marriage and there's divorce, is your ex-spouse entitled to anything that you had prior. The general rule is that when we deal with divorces the subject matter of what we are dividing are the marital assets. This is distinct from separate property. Those assets not accumulated during the marriage. There are exceptions and bears looking into. The classification of something as non-marital does not etch yet in stone as non-marital. The quality of the non-marital item become a marital item based on the conduct of the parties. You have accumulated 100K before marriage and put it in a bank account. The 100K is the result of your blood, sweat, and tears. Your 100K is a separate property. You take that 100K during the marriage. Deposit it in another account, You changed the character of the 100K. You gifted it to the marriage. Now it has become a marital property. Half of that 100K is now owned by your spouse. You may choose to keep the 100K where it is and allow it to grow. During the divorce, if the value has increase to 120K, the 20K is considered marital asset. It will be subject to division.
(248) 590-6600 Call/Text
Download Divorce & Custody Survival Guide. Click here: https://akivagoldman.com/wp-content/uploads/2022/08/Michigan-Divorce-Custody-Survival-Guide-Goldman-Associates-Law-Firm-1.pdf
Schedule Your Complimentary Phone Consultation: https://app.acuityscheduling.com/schedule.php?owner=17105687&appointmentType=18529428
Visit us at http://www.choosegoldmanlaw.com/
For more information: https://akivagoldman.com/michigan-divorce-lawyer/
For additional information, watch these videos: Is [An Inheritance Considered Marital Property] - ChooseGoldmanlaw https://www.youtube.com/watch?v=V6iackgJOA0
Can I Sell The Marital Property To Pay For My Attorney - ChooseGoldmanlaw https://www.youtube.com/watch?v=UIjCi087uZU
For more information, read blog below: https://akivagoldman.com/prior-acquired-property-vs-marital-property-choosegoldmanlaw/
#Michigandivorce #Michiganmaritalproperty #Michiganacquiredproperty #PriorAcquirevsMaritalProperty #ChooseGoldman #ChooseGoldmanLaw #Goldmanandassociateslawfirm
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