Marital property refers to anything acquired during the marriage, including real estate, personal property, vacation homes, and financial assets like retirement benefits, 401ks, and pensions. Basically, if it was obtained while you were married, it's considered marital property.
However, there are exceptions. Marital property does not include anything that has been contractually given away through a valid prenuptial or pre-marital agreement. By "valid," we mean an agreement that was not rushed or made under duress. It's important to properly execute a pre-marital agreement that clearly outlines the interests of both parties in any property acquired during the marriage.
Speaking of non-marital property, it's advisable to keep any inherited real property separate and distinct during the marriage. Avoid allowing your spouse to use it or rent it out, as this could potentially affect its classification. Preserving the substance and value of non-marital property is essential.
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