The distinction between marital and separate property is important. Essentially, all property acquired by a married couple during their marriage is marital property with certain specific exceptions, such as inheritances and gifts. These exceptions, as well as property owned before the marriage, are known as separate property.
Some assets may be both marital and separate property. For example, a retirement account started prior to the marriage but to which a party continued to contribute during the marriage will have both a marital and separate property value. While the distinction may seem simple enough, there are some very subtle and important questions that must be answered. The attorneys at Edward F. Whipps & Associates have the skill, experience, and necessary professional contacts to deal with the sophisticated issues related to marital versus separate property. Sometimes, actuaries or forensic accountants are needed to assist in the proper assessment of such situations. At other times, obtaining historic records is essential. In every case, our experience and knowledge helps us to determine the best approach to protecting your separate property.
When you or your family faces issues related to the proper distribution of property, turn to Edward F. Whipps & Associates to help you sort out the details. You can arrange a mutually convenient time for your initial consultation by calling our office at (614) 461-6006 or filling out this online contact form.