Know the difference between separate and marital property

Separate property is everything you bring into the marriage and keep in your own name. It is also what you receive during the marriage as a gift or an inheritance.

Marital property is everything acquired during the marriage - no matter whose name it is in. And in some states, but not all states, the increase in the value of separate property.

For instance, consider a $30,000 savings account brought into the marriage and is now worth $35,000. The $30,000 would be set aside as separate propety and the $5,000 would be included in the pot of marital assets to be divided.

Assume the wife adds $100 each month to her IRA which is in her name only. That is still considered to be a marital asset because it is "everything acquired during the marriage, no matter whose names it is in."

Check with your own state to see how property is handled.