Separate Property
Assets owned by a spouse before marriage, or acquired during marriage by gift or inheritance, which generally remain that spouse's individual property and are not divided at divorce.
Encyclopedia entry: Separate Property
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separate property
Separate property is property that is owned by one spouse and not the other. There are two categories of marital property ; community property , and separate property. Community property is when spouses share all property equally. However, even in community property jurisdictions, like California, Arizona, Texas, etc., for division of property or in legal separation , spouses could separate the presumed community property by a clear statement or a written agreement; according to the California Family Code Division 7, Part 3, Section 2581 .
[Last reviewed in March of 2022 by the Wex Definitions Team
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Keywords
Wex
inheritances & estates
Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.