(a) All property of the husband, real and personal, owned by him before marriage or before the effective date of this act, whichever is later, and that afterwards acquired by him by gift, inheritance, devise, or bequest, or received by him as damages or compensation for personal injuries, and all property of every kind, character, or description derived originally from property so owned or acquired, shall be his separate property, subject however to the right of dower.

  (b) The husband shall have the right to manage, control, dispose of, and otherwise deal with his separate property in the manner provided by law without limitation by the provisions of this act, subject however to the right of dower.