The basic classification of property falls into six general categories. The first category, is marital property.
All property and acquired income in a marriage is classified as martial property, unless proven otherwise. According to state law, all property acquired by an individual who is legally married is considered a split ownership between the individual and their spouse. This includes any income that either spouse is receiving.
The second category, is Terminable-interest Marital Property.
The interest one party has in the marital property, as far as a deferred-employment-benefit plan, might be terminated. If the nonemployee spouse predeceases the employed spouse, then the nonemployee spouse will no longer receive a deferred-employment-benefit plan.
The third category, is Individual Property.
Individual property is property that is not attributed to joint marital assets. Individual property is generally classified in instances when property owned by one party was owned before the marriage, in certain instances of the inheritance of property or money which is then used to purchase items or property which is not comingled, or any property that is acquired that a court deems non-marital property.
The fourth category is Predetermination Date Property.
Sometimes also called unclassified property, predetermination date property is property or assets owned by a spouse starting from the time that both spouses are living in the state. However, if the marriage date precedes the determination date, then the assets which are owned by a married individual at the time of the determination date is considered unclassified property.
The fifth category is Mixed Property.
Mixed property can exist when, for example, joint funds are used in conjunction with individual funds to purchase an asset. This is considered mixed property. This is sometimes hard to decide in some cases, because the individual component would have to be traced back to its source. If this cannot be done, the property will then be deemed joint marital property.
The sixth, and final category, is Deferred Marital Property.
Property that is considered to be Predetermination date property is also considered to be deferred marital property, if the property would have been marital property under chapter 766.
Please call me if you have any additional questions on property classifications.
Family Law Attorney