GRAND RAPIDS, Mich. (WOTV)- Women are often shocked to find that, if they file for divorce, the jewelry and gifts that they have received from their husbands over the years become marital property subject to division. What? My gifts are not really mine? In the eyes of the law the marital assets were used to purchase those gifts so if the marriage dissolves the value of those gifts are part of the marital assets. That means that if you wish to keep them you have to give your husband equal value in return. If you have been as generous with your gift giving as he has it may equal out in the end. However, if he has splurged and given you extravagant gifts you might just end up owing him for it in the end.
What exactly is considered marital assets? Anything acquired during the marriage. Real estate, personal property, bank accounts are all assets accumulated during your marriage are part of the marital assets. The only things that are considered to be personal property and not subject to equitable division are inheritances that have been kept separate from your husband, gifts given from others than your husband that you have kept separate and personal.
The lesson here then is to keep all gifts and inheritances from relatives in separate accounts in only your name. Anything that has been gifted to you by your husband is thrown into the pool of assets and if you want to keep them you will have to credit him with something of equal value.
Nothing herein constitutes legal advice.
CONTACT DAWN-ATTORNEY’S FOR WOMEN
WOTV 4 women’s legal expert Gail Saukas