What is Marital Property?

Marital property is that property which is acquired during the marriage. All property owned before the marriage is non-marital property. Income from non-marital or separate property if acquired during the marriage is considered marital property while gifts (either from a spouse or a third party) and inheritances are considered separate or non-marital property. Marital property is community property in states that recognize community property. As such, each party has a community interest in marital property that can be divided upon divorce. In some cases, a spouse’s interest in community property can wind up greater than 50%.

We invite you to contact us for a consultation. Call Garg & Associates, PC at 281-210-0010 or complete our contact form.