Marital property means all real and personal property acquired by the parties during the marriage and which is owned as of the date of filing or commencement of marital litigation, except the following is considered nonmarital property:
- Property acquired by inheritance, devise, bequest, or gift from a party other than a spouse;
- Property acquired before the marriage and property acquired after the happening of the earliest of
- Entry of a temporary order in a divorce or separate maintenance action,
- The formal signing of a written property or marital settlement agreement, or
- Entry of a permanent order of separate maintenance and support or of a permanent order approving a property or marital settlement agreement between the parties.
- Property acquired by either party in exchange for property described in (1) and (2) above.
- Property excluded by written contract of the parties, meaning any antenuptial agreement which must be fair and equitable so long as it was voluntarily executed by both parties separately represented by counsel and pursuant to full financial disclosure to each other as to income, debts, and assets.
- Any increase in the value of the nonmarital property, except to the extent that the increase resulted directly or indirectly from efforts of the other spouse during marriage.
Gifts of property from one spouse to the other, or indirectly by way of a third party, are marital property.
See SECTION 20-3-630. Marital property; nonmarital property.
