(a) All property of the wife, real and personal, owned by her before marriage, or before the effective date of this act, whichever is later, and that afterwards acquired by her by gift, inheritance, devise, or bequest, or received by her 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 her separate property.

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