What is the basis for the different classifications of property?
Marital property is defined as all jointly-owned property and all other property, other than separate property, acquired from the date of the marriage to the date of separation. Typical examples of marital property are: • the marital home titled in the names of both spouses, or • a retirement account accumulated during the marriage even if the account is only in the name of one spouse • gifts from one spouse to the other spouse such as jewelry are marital property. Separate property is all property acquired by either spouse before the marriage or all property acquired during the marriage by inheritance or by a gift from a source other than one’s spouse. Typical examples of separate property are: • an automobile that was given to one of the spouses by a parent and titled in the name of the receiving spouse, • an inheritance from a family member, and cash gifts from third parties but only if such gifts and inheritances are then maintained separately from other marital property. The third
