Have you heard the phrase: “What mine is mine’s and what ’s yours is mine.” It is one of those play on words, that by the time you figure it out, you want to say: “Hey, wait a minute - that’s not right!”  In some ways when it comes to family law and the issue of marital property this phrase is in many ways, accurate. While I cannot take care of every possible scenario in this writing, I can dispel some myths that people often have. While I am talking about marital property principles, I think this information is useful for those planning on staying married as they consider estate and future planning. I also consider it useful for those living together contemplating marriage. This information is also useful for those currently married and considering divorce and the separation of marital assets.

As a general rule, anything acquired during marriage can be considered or claimed marital property - no matter the person to whom it is titled. People often think, the person whose name is on the property is the person that owns it or has claim to it.  People also often think, if their spouse did not know about the asset, then that unknowing spouse cannot make claim to those assets. People also think, if they acquired certain assets and they performed all the work and produced all the income to acquire the asset, the asset is solely theirs. All these are scenarios are myths regarding marital property. In all these scenarios the property is still very much likely to be considered martial property. Generally, any property acquired during the marriage is marital property. Thus, if we are married and it was acquired while we are married: “What’s mine is mine and what’s yours is mine too!” :-) 

While there are exceptions to every rule, and every relationship gives different scenarios, the principle presented here is general guiding principle. If you have any questions about how you and your mate should plan your future - whether together or apart, give us a call. We are available to give you expert legal guidance. 313-963-1049.