Divorce Guide

Marital and non-marital assets

There might be n number of financial issues to resolve in a divorce case and each case is different with different circumstances and conditions. Here comes the fair play of the court. In each case, the court vests in itself a very high responsibility of being transparent and fair to each of the parties, i.e., both the husband and the wife. Thus, marital and non-marital assets settlement is essential.

While approaching towards the settlement, the court would consider the net value of all possessions and property and then segregate it reasonably between the husband and the wife. In case of pension being vested in the name of husband, the court can consider sharing of pension as well.

There are marital and non-marital assets that come into financial settlement. The court has no right over non-marital assets while the marital assets are to be divided between the partners. In general terms, the assets of an individual before the marriage are non-marital assets, while those shared after the marriage is marital assets.

Marital assets are those which are owned by you before the marriage, for instance, inherited property or gifts that you received during the marriage that were meant for your ‘personal use’ only. The assets other than these are regarded as non-marital assets and both the partners have a right to share this property between them.

1. Acquired by gift, legacy or descent.
2. Acquired in exchange for property acquired before the marriage or in exchange for property acquired by gift, legacy or descent.
3. Acquired by a spouse after a Judgment of Legal Separation.
4. Excluded by valid agreement of the parties.
5. Obtained by judgment awarded to a spouse from the other spouse.
6. Acquired before the marriage.

In some cases, the decision of determining the marital and non-marital is very difficult because a heated argument might take place between the two. But once, a court decides that the property is marital, it must also play fair to divide this property equitably. This doesn’t mean that the property would be divided equally.

In case, you find any trouble in deciding which property is marital or non-marital, it is always advised to hire a lawyer who would advise in you in deciding this.

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