3 Types of Individual Property You Are Likely Entitled to in a Divorce

 Posted on August 09, 2023 in Divorce

Generally, almost everything a married couple owns is considered to belong equally to both spouses. This is usually true regardless of which spouse’s income was used to purchase or contribute to an asset. Even if one spouse did not work for pay during the marriage, their contributions to the marriage are deemed to have value. This is why most marital assets are to be distributed equally between the spouses in the event of a divorce. However, there are some types of property owned only by one of the two spouses. These types of non-marital property are referred to as “separate property” or “individual property.” Each spouse is permitted to keep their own individual property during a divorce. Individual property is excluded from the marital estate subject to legal division during the divorce process. However, there may be some instances where a spouse can be deemed to have donated their separate property to the marriage. An attorney can advise you regarding what separate property you may be entitled to keep. 

What is Individual Property in a Divorce?

Each spouse’s individual property may include: 

• Gifts - A gift given to one spouse in particular is to remain that spouse’s separate property after a divorce. For example, a birthday present given to one spouse by their friend would be that spouse’s individual property. 

• Inheritances - If one spouse inherited any money or property that was left to them individually, it is their separate property. This generally includes any assets passed down from one spouse’s family, so long as the inheritance was given to that spouse individually. 

• Premarital assets - Any property that belonged solely to one spouse prior to the marriage is their separate property should they get divorced. However, it is common for spouses to contribute their premarital property to the building of marital assets. For example, one spouse may use the savings they had when they got married to put a down payment on the marital home. Dividing assets in these instances can be complicated as there are multiple factors at play. 

An attorney can help you better understand which assets are likely to be considered your separate property. It is important to be represented during your divorce. 

Contact a Waukesha Divorce Attorney

Bucher, Wolff & Sonderhouse, LLP is skilled in helping people going through a divorce protect their separate assets. Our experienced Waukesha divorce lawyers will strive to ensure that your individual property is treated as such. Call 262-232-6699 for a complimentary consultation. 

Source:

https://docs.legis.wisconsin.gov/statutes/statutes/766/15