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

Property owned by a spouse prior to marriage as well as inheritances and gifts received by a spouse during the marriage are considered separate property. This means that in the event of a divorce, these assets do not typically get divided between the spouses but are retained by the owning spouse. Marital property refers to assets acquired during the course of the marriage and is subject to division in a divorce. Community property is a concept that applies in certain states where all assets acquired during the marriage are considered jointly owned by both spouses and subject to a 50/50 split in the event of a divorce. Reciprocal property is not a legal term used in the context of marriage or divorce.

Property Owned by a Spouse Prior to Marriage as Well