Sec. 1. 19-A MRSA §953, sub-§2, ¶¶D and E, as enacted by PL 1995, c. 694, Pt. B, §2 and affected by Pt. E, §2, are amended to read:

D. Property excluded by valid agreement of the parties; and

E. The increase in value of property acquired prior to the marriage.; and

Sec. 2. 19-A MRSA §953, sub-§2, ¶F is enacted to read:

F.__Any increase in the value of an intangible asset such as stocks, bonds, bank accounts, mutual funds and certificates of deposit, regardless of whether the increase is attributable to dividends, interests or appreciation, if the asset was acquired prior to the marriage or by gift, bequest, devise or descent.

Sec. 3. Application. This Act applies to divorce judgments entered after the effective date of this Act.

SUMMARY

This bill amends the definition of "marital property" to specifically exclude any increase in the value of an intangible asset, such as stocks or bonds, if the asset was acquired prior to the marriage or by gift, bequest, devise or descent.