(a) All property owned by the husband and wife before the effective date of this act as tenants by the entirety or in any other manner recognized by law whereby neither the husband nor the wife individually has a separate property interest therein as defined in section 1 and 2 of this act, as well as that afterwards owned by the husband and wife in any such manner which has been acquired by gift, devise, or bequest or by the transfer of the separate property of either the husband or the wife as defined in section 1 and 2 of this act or of the interest of the husband and the wife, or of either of them, in community property as permitted by section 8 of this act, and all property of every kind, character, or description derived originally from property so owned or acquired, shall be the separate property of the husband and wife.

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