“Non-marital” assets are those which are not taken into consideration during a divorce. They are assets which belong solely to the spouse who owns them. Period.
“Nonmarital” assets and debts include:
1.”ƒAssets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities;
2.”ƒAssets acquired separately by either party by noninterspousal gift, bequest, devise, or descent, and assets acquired in exchange for such assets;
3.”ƒAll income derived from nonmarital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset;
This means that even if you earned money or have become indebted from a non-marital asset during your marriage, that money or indebtedness will still be considered non-marital.
There are some exceptions to the above rule. The Law Office of Summer R. Nichols is knowledgeable about those exceptions and whether they apply to YOUR specific set of circumstances. Please contact us today for your FREE consultation.
