Assets acquired prior to a marriage are generally considered separate property. In the context of divorce proceedings, the disposition of a residence bought by one party before the marriage begins becomes a significant legal consideration. For instance, if a person buys a home and solely holds title to it before the marriage, that home is usually viewed as their separate asset.
Understanding the characterization of property as separate versus marital is crucial during dissolution. This determination influences the division of assets, impacting each party’s financial future post-divorce. Historically, laws have evolved regarding property rights, recognizing the contributions, both financial and non-financial, made by each spouse during the marriage which can subsequently affect previously separate holdings.
