Property owned by a spouse prior to marriage, as well as inheritances and gifts received by a spouse during the marriage are referred to as ________.

Question

Quizplus · Accepted Answer

Separate property refers to assets owned by a spouse prior to marriage, as well as inheritances and gifts received by a spouse during the marriage that are designated as separate property. Marital property refers to assets acquired during the marriage, and community property is a type of marital property that is owned equally by both spouses. Alimony is a form of financial support paid by one spouse to the other after a divorce.

Property Owned by a Spouse Prior to Marriage, as Well