The only property that remains individual property and not subject to division upon divorce is property acquired before or during the marriage by gift or by reason of the death of another, or acquired with funds from either source. Premarital property is not excluded.
Daubert applies only to actions and special proceedings commenced on or after February 1, 2011.
While 25% husband’s interest in his accounting firm was acquired by gift, it was commingled with the 75% interest he acquired during the marriage.
Principles of donative intent are applicable to property classified as individual under a MPA. Tracing is not limited to gifted and inherited property. Analysis does not differ because MPA is applied to determine ownership upon death rather than a divorce.
Tracing and transmutation principles may be employed outside the context of gifted and inherited property, in this case, to property initially classified as individual property under a marital property agreement.
Husband traced non-divisible stock and there was no evidence of donative intent. Trial court did not err in finding that husband was not responsible for appreciation of company stock. Retained earnings were not marital since they represented insurance proceeds from loss of an asset.
Though a circuit court may consider substantial gifted assets when dividing the marital estate, it may not divide the marital estate to work a de facto splitting of those assets when there is no hardship.
Apartment building is separate asset, but the related mortgage debt is subject to division.
Where the appreciated value of separate property is due solely to general economic conditions, such a inflation or normal appreciate of real estate values, the property remains separate.
Trial court erroneously exercised discretion when it included appreciation of a farm in the marital estate based on contributions to marriage as a whole rather than the individual contributions of each party.
A portion of the retained earnings of a gifted corporation were undistributed dividends and were thus marital property subject to division.
Court properly found that the appreciate value of gifted shares of stock resulted from “the general accumulation efforts of previous generations and general market conditions” and were therefore nonmarital.
Retained earnings of subchapter S corporation, over which wife had full ownership, is income and not appreciation, so court properly included it in the marital estate.
Retained earnings of subchapter S corporation, over which wife had full ownership, is income and not appreciation, so court properly included it in the marital estate.
Simply because wife did routine maintenance on cottage inherited by husband is not enough to conclude that its character changed.
(1) Cattle offspring were not given to wife and are thus not excluded as income or dividends (2) Inheritance spent to operate farm no longer exists. Since wife cannot trace the funds, it has lost its character. (3) If asset no longer exists, court cannot exclude it.
Trial court properly excluded trust where husband’s father testified as to source of funds and later transactions.
Multiple issues addressed by court. See full summary.
Gift and appreciation in value that is due to general economic conditions where non-owning spouse does not contribute to the appreciation in value is exempt from division.
Multiple issues. See full summary.