Pre-marital property

[Redemptionman]

You are speaking of pre-marital and marital assets.

Gosh I hope not then i would be wrong, as I special order a vehicle in 2016 in my name only from Japan took a month to get. It is/ was owned in my name only before I got married. That would be the pure example of a pre martial asset that is not part of the marriage.

 

[justblue]

Gosh I hope not then i would be wrong, as I special order a vehicle in 2016 in my name only from Japan took a month to get. It is/ was owned in my name only before I got married. That would be the pure example of a pre martial asset that is not part of the marriage.

mar·tial
/ˈmärSHəl/
Learn to pronounce

adjective

1. of or appropriate to war; warlike.

 

[Redemptionman]

Okay so now I feel stupid is it marital or martial

Spelling lessons are free, sorry glad you all can point those out when I think you knew what I meant.

 

[PayrollHRGuy]

Gosh I hope not then i would be wrong, as I special order a vehicle in 2016 in my name only from Japan took a month to get. It is/ was owned in my name only before I got married. That would be the pure example of a pre martial asset that is not part of the marriage.

Unless you make payments out of marital assets or have it fixed out of martial.

 

[Redemptionman]

Unless you make payments out of marital assets or have it fixed out of martial.

Paid Cash for it before I was married, so it should be out of the martial (LOL) process

but yes anything that could be considered joint payments on is marital.

 

[adjusterjack]

Arizona for example is a community asset

I had to think about that for a moment but I guess, being an Arizona taxpayer, that I own a share of the entire state in addition to the little piece of Arizona that my house sits on.

 

[welkin]

OK...then your wife has a significant marital interest in the property.

You are making the assumption that the mortgage, taxes, expenses, and improvements have been paid for with joint or comingled assets. If that is not the case, she may have no marital interest.

Any marital interest (if any) may or may not be significant depending on the facts which none of us know.

 

[adjusterjack]

Paid Cash for it before I was married, so it should be out of the martial (LOL) process

Your paycheck is marital property.

Out of that money you pay:

Gasoline, oil, repairs, registration, etc.

That gives your wife a marital interest in the car in spite of your name being on the title. In the event of a divorce she'd be entitled to half the value of the car. She wouldn't be entitled to the car itself and you wouldn't have to sell it if you had the money to give her, or some other asset as an offset.

That's how it works. If you don't believe me, ask a divorce lawyer.

 

[Redemptionman]

Your paycheck is marital property.

Out of that money you pay:

Gasoline, oil, repairs, registration, etc.

That gives your wife a marital interest in the car in spite of your name being on the title. In the event of a divorce she'd be entitled to half the value of the car. She wouldn't be entitled to the car itself and you wouldn't have to sell it if you had the money to give her, or some other asset as an offset.

That's how it works. If you don't believe me, ask a divorce lawyer.

Well that sucks, deal is I don't drive it. So how can it be considered martial property. It has 15k miles on it and is a 2016.

 

[Tax Counsel]

Your paycheck is marital property.

Out of that money you pay:

Gasoline, oil, repairs, registration, etc.

That gives your wife a marital interest in the car in spite of your name being on the title.

Not so in all states. Simply paying routine auto expenses like gas, oil, and annual registration out of your paycheck does nothing to enhance or build equity in the car and thus in my state and at least some other non community property states would not convert a car purchased prior to marriage to a martial asset, and certainly wouldn't result in the spouse getting half of it.

 

[adjusterjack]

Well that sucks, deal is I don't drive it. So how can it be considered martial property. It has 15k miles on it and is a 2016.

At TC points out. States differ on how comingling of assets is handled. You should do some research into how your state handles it. And not just internet summaries or comments. At least not unless they have statute or case citations. See if you can find some case decisions on Google Scholar for your state.

I recommend that Roland5229 do the same.