Legal Definitions - new acquisition

Definition: New acquisition refers to something that is obtained or gained by an individual or organization, which did not come from their family or previous ownership.

Examples:

• An individual buying a new house that was not inherited or gifted to them.
• A company purchasing a new business that was not previously owned by them.

These examples illustrate the definition of new acquisition as they both involve obtaining something that was not previously owned or inherited. In the case of an individual buying a new house, it means that they have acquired a property that was not passed down to them from their family. Similarly, in the case of a company purchasing a new business, it means that they have acquired a company that was not previously owned by them.