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What may qualify as separate property?

On Behalf of | Mar 25, 2023 | Divorce, Family Law

Planning your Minnesota divorce may be less painful if you have a good idea of what property you will not have to split with your spouse. You should know why any accounts, vehicles or other property you own might qualify as separate property.

Separate property belongs to you alone. A common example is property you acquired prior to your wedding. Here is a look at other forms of separate property.

Additional property you purchase or receive

You may have gained more property during your marriage. In order for it to be separate, you must have used your own money to purchase it, have the property in your name, and maintained the property with your personal funds.

Also, you may have inherited money or someone has gifted you real estate or a vehicle. Provided that you did not use your marital property to maintain your gifted property or mix your inheritance with a marital bank account, these properties should remain yours after the divorce.

Property designated by a prenup

A prenuptial agreement can make sure your separate property stays separate. You can specify which property is not subject to property division in a possible divorce. Additionally, your prenup could ensure that you do not become responsible for the debts of your spouse and vice versa.

Damages from a court judgment

In the event you suffer injury in an auto accident, you might receive compensation from a court award. Once you subtract compensation for lost wages, the rest of the award should qualify as your separate property.

Establishing the separate nature of your property can help you understand what to expect after divorce. You might not even require alimony if you have enough assets to sustain your quality of life.