couple has been married for 31 yrs, one spouse recieved inherritence from decesed parents, monies were put into joint money market acct. monies were spent on items during the marriage. are those items marital or non marital items?
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Read More Answered By: Chris Sullivan |
The law in Minnesota is that it is "presumed" that property of each spouse is marital property for purposes of division in a dissolution case.
Property owned prior to marriage, or later acquired property received by inheritance or gift from a third party, certain components of personal injury recovery, increases in the value of non-marital property, may all be considered non-marital.
However, items that are considered non-marital at their onset can lose this characterization and become characterized as marital upon certain actions/events. For instance, co-mingling marital and non-marital funds, making improvement upon non-marital assets with marital funds, in addition to other actions beyond the scope here.
More information about the timing of the inheritance, if additional marital funds were added to the money market, how the money market was used in general, etc. is needed in order to support whether the inheritance and the subsequent purchases should now be marital or non-marital.
DISCLAIMER: The information contained here is for informational purposes only, it does not constitute legal advice or solicitation of any particular prospective client. This information provided is not privileged and does not create an attorney-client relationship. |
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