Marital vs. Non-Marital Property
“Marital property” means property acquired by the parties during the existence of the marriage relation between them. All property acquired by either spouse after the marriage date is presumed to be marital property regardless of whether title is held individually or by the spouses together.
“Non-marital property” means property acquired by either spouse before, during or after the marriage which:
(1) is acquired as a gift or inheritance made by a third party to one but not to the other spouse;
(2) is acquired before the marriage;
(3) is acquired in exchange for or is the increase in value of property described in (1), (2), (4) and (5),
(4) is acquired by a spouse after the valuation date set by the court; or
(5) is excluded by a valid antenuptial contract.