Separate Property
Explore how separate property is distinct in estate planning and impacts asset management during marriages.
What role does separate property play in estate planning for married individuals?
Separate property refers to assets owned solely by one spouse, typically acquired before the marriage or received as a gift or inheritance. In estate planning, distinguishing between separate and community property is crucial as it impacts how assets are distributed upon a spouse's death. This differentiation may provide added security by ensuring certain assets can be preserved independently of marital community property, which is usually divided. Thus, understanding the nature of separate property can be pivotal for married individuals aiming to protect personal inheritances or gifts within their estate plans.
