FAMILY LAW
Divorce
MARITAL & NON-MARITAL CLAIMS
Marital property and debts involve everything that was acquired during the marriage. It doesn’t matter if an asset or liability is solely in the name of one spouse or the other, it is considered a marital debt or asset and can be given to either party. Examples of marital property and debts include:
• Investment accounts
• Retirement accounts
• Bank accounts
• Real property, such as a vacation property or cabin
• Timeshares
• Airline miles
• Vehicles
• Credit card debt
• Loans
Non-marital assets and debts are those that were incurred before the marriage. Certain assets that were acquired during the marriage can be excluded as marital property, such as property that was inherited by one of the spouses or property that was gifted specifically to one spouse.
• Investment accounts
• Retirement accounts
• Bank accounts
• Real property, such as a vacation property or cabin
• Timeshares
• Airline miles
• Vehicles
• Credit card debt
• Loans
Non-marital assets and debts are those that were incurred before the marriage. Certain assets that were acquired during the marriage can be excluded as marital property, such as property that was inherited by one of the spouses or property that was gifted specifically to one spouse.