What is considered marital income?

In most states, any income that a spouse earns during the marriage is considered marital property (also called “joint property” or “community property”). Note that money a spouse earns prior to the date of separation that isn’t paid until after the date of separation is still marital property.

Is money considered marital property?

Generally, marital property is everything that either of you earned or acquired during your marriage unless you agree otherwise. So, for example, money you earned at work, put in a joint checking account, and used to pay household bills is marital property.

Is income from separate property community property?

Income from real estate that is community property will also be community income. However, income from separately owned property – such as dividends on stock that you owned prior to marriage, for example – can be either separate income or community income, depending on which state you live in.

What is considered a marital residence?

Marital residence is a term used in divorce law to refer to the property where the couple resided together before the breakdown of the marriage.

How is marital property defined in community property?

Marital property in community property states is owned by both spouses equally. This marital property includes earnings, all property bought with those earnings, as well as all debts accrued during the marriage.

What makes a pension a marital or non marital property?

One is to have evidence of the value of the pension on the date of the marriage. That amount, plus any growth (interest and reinvestment of dividends) of that amount would remain non-marital property while any subsequent contributions and the growth attributable to those contributions would be marital property.

When is a condo considered to be marital property?

That’s wrong. Property acquired after your case has been filed is presumed to be marital property. If you move out of the home, file for divorce, buy a condo, and fill it with furniture and artwork, the condo and all its contents are presumed to be marital property.

When is real property presumed to be a marital asset?

All real property held by the parties as tenants by the entireties, whether acquired prior to or during the marriage, shall be presumed to be a marital asset. If, in any case, a party makes a claim to the contrary, the burden of proof shall be on the party asserting the claim that the subject property, or some portion thereof, is nonmarital. 3.