are gifts excluded from assets?

[daver32]

I have ended a CL relationship of 10years. I am a little confused about division of assets that were gifts.

If the gift was given by the other spouse are they excluded as assets? I believe if they were gifts given by anyone other then the other spouse then they are excluded. If given by the spouse then it is included as an asset.

[wondering50]

If the gift was given by the other spouse are they excluded as assets? I believe if they were gifts given by anyone other then the other spouse then they are excluded. If given by the spouse then it is included as an asset.

Gifts from a third party are considered individual assets. You may have to prove that the gift was in fact for one of you and not both.

Gifts from one spouse to another are considered joint property.

[daver32]

thanks. I was concerned about gifts that I bought for her long ago as being excluded as joint property to be divided as joint assets. What you are saying is any gifts she bought me and gifts I bought her should be divided equally as joint assets.

[logicalvelocity]

I have to disagree with the net equalization basically as the parties were not married. Whichever spouse owns the assets now will retain ownership post separation. Some exceptions, jointly owned property such as real estate.

lv

[daver32]

Would that apply for gifts given by spouses during cohabitation?