Legal Definitions - acquest

Acquest refers to property or assets acquired by a married couple through their joint efforts, labor, or skill during the course of their marriage. It specifically excludes property received by one spouse as a gift or inheritance, which is typically considered separate property. This concept is particularly relevant in community property jurisdictions, where acquests are generally subject to equal division upon divorce or death.

Here are some examples to illustrate the concept of acquest:

• Example 1: Sarah and Mark marry and, five years later, purchase a vacation home using money saved from their combined salaries. This vacation home would be considered an acquest because it was acquired during their marriage through their joint financial contributions and efforts. If they were to divorce, the value of this home would typically be divided between them as part of their community property.

• Example 2: During her marriage to David, Emily starts a consulting business from scratch. Over several years, the business becomes highly profitable due to her hard work and entrepreneurial skill. The value of this business, including its accumulated profits and assets, would be classified as an acquest. Even though Emily solely founded and ran the business, its growth and success occurred during the marriage, making it a marital asset subject to community property rules.

• Example 3: John receives a significant bonus from his employer at the end of a successful year, three years into his marriage with Lisa. This bonus, earned through his labor and performance during the marriage, would be considered an acquest. It is part of the marital estate, distinguishing it from, for instance, a family heirloom necklace John inherited from his grandmother before the marriage, which would be his separate property.