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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The IRS has held that in community property states which determine whether life insurance is separate or community property according to the "inception of title" doctrine (see Q 620), the proceeds of NSLI purchased initially as the insured's separate property are separate property even though later premiums were paid with community funds.
When titled, separate property is converted to joint title--such as during a mortgage refinancing--it becomes community property.
(18) However, language such as "each party's income and earnings during the marriage, and the individual assets acquired with such income or earnings from any source including earnings from employment, labors, or efforts during the marriage, shall constitute that party's separate property" will be binding.
Huddersfield firefighters were called to the street to deal with a bin fire at a separate property.
The entire estate was his separate property. Before his death, Willet, with the aid of an estate tax attorney, developed a plan that placed his entire net estate in a marital trust at his death.
Included in that was a plan to set up a separate property business.
This spa package, which combines the beauty of the mountains with a close-up ocean view, features five nights at Strawberry Hill and two nights at the Caves--a separate property owned by the Outpost on the coast of Negril.
All community-property states define community property by defining what is considered separate property. Community property is considered to be property acquired while domiciled in the state that is not separate property.
Friargate Court is a separate property owned by Lancashire County Council.
She waived her right to maintenance from her partner and also listed assets including 'miscellaneous jewellery and other personal effects', her earnings from after the separation date and other assets to be determined later, as separate property - and thereby off-limits to Federline.
You wouldn't want to report, for example, 50 percent of the taxable income from rental property if it is your client's position that the rental property is his separate property. Rather, you would report 100 percent of the income for the year, which is a tax position consistent with your client's legal position.