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Simple English definitions for legal terms
premarital asset
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A quick definition of premarital asset:
A premarital asset is something that a person owns before they get married. It can be anything that has value, like money, property, or investments. When a couple gets married, they may decide to keep their premarital assets separate from their joint assets. This means that if they ever get divorced, each person will keep what they owned before the marriage.
A more thorough explanation:
Definition: A premarital asset is an item that is owned and has value before marriage. It can include cash, property, investments, and other valuable possessions that a person brings into a marriage.
Example: If a person owns a house before getting married, that house is considered a premarital asset. If they sell the house during the marriage and use the money to buy a new house, the new house would be considered a marital asset.
This example illustrates how a premarital asset can be distinguished from a marital asset. It also shows how the value of a premarital asset can be used to acquire a new asset during the marriage.