separate property


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Separate Property

In marriage and divorce law, real or personal property owned by only one spouse. Separate property exists even in community property jurisdictions. It includes property owned by each spouse before the marriage, and any property given to one spouse as a gift or inheritance. It may also include property that the spouses agree to keep separate. If separate property is liquidated during the marriage (e.g. if a spouse sells a house he/she owns separately) the cash resulting from the sale may also qualify as separate property.

separate property

The property that is entirely owned by one spouse, even in a community property state. Separate property generally includes property received as an inheritance or as a gift or property owned by one spouse before marriage.

separate property

Property owned by either spouse before marriage,or inherited by one or the other after marriage.Contrast with community property. In other states,a divorce court will take into consideration the separate nature of property when making decisions to divide property or award alimony.One tricky aspect of the separate property issue is the interest in minerals,oil and gas,crops, timber, or postmarital improvements on or under separate land.Such interests do not always carry with them the separate property characterization.

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But there are plenty of ways separate property can become marital property if you're not careful.
The Pereira approach, which uses a calculation to determine the community property in the business, generally favors the community and the Van Camp approach, which requires no valuation and favors the separate property estate.
6) South Dakota and the other forty states whose laws are based on English law, have had a non-community property regime for marital property and thus are separate property states.
The Court of Appeal reversed, holding that the insurance policy was the wife's separate property.
Even if the two spouses have some separate property, they can transfer it all to the trust, and still name separate beneficiaries for specific items held by the trust.
The singer's recording contract is listed as confidential because it was considered separate property due to the prenuptial agreement the former couple had.
He also faces a charge of burglary relating to a separate property in Thornbury, South Gloucestershire between December 21 and January 3.
At North Avon Magistrates' Court, Farrow will also face a charge of burglary relating to a separate property in Thornbury between December 21 2011 and January 3 2012.
Conversely, separate property is generally 1) property owned by either spouse before marriage; 2) property acquired after marriage by gift, devise or bequest; 3) in certain respects, the rents, issues and profits of separate property; and 4) property acquired during marriage with the proceeds of separate property.
Civil and building construction company Tutor Perini Corporation (NYSE:TPC) stated on Monday that Ronald N Tutor Separate Property Trust controlled by its chairman and CEO Ronald N Tutor, began a secondary public offering of 4.
5 million, Oxnam said he and fellow listing Jennifer McGivern, also of BHS, hope that officially removing it from the listing will make its status as a separate property more explicit to buyers.
7) property acquired with the separate funds or proceeds from the sale of a separate property with the express intention of the spouse at the time of the acquisition to acquire it as a separate property.