When a couple marries in New York, it is assumed that any money or property acquired during the marriage is marital property. This means that it belongs to both parties. Any money, investments or property acquired by either person prior to the marriage is considered separate property. Certain property can be kept out of the marital property label by the couple signing a prenuptial or postnuptial agreement.
Marital property includes any of the following:
— Cars, boats, airplanes, artwork, collectibles, furniture and any other items you bought while married.
— Real property purchased by you and your spouse during the marriage.
— Permits allowing you to engage in specialized services.
— Any bank, retirement, investment and insurance accounts opened or purchased during the marriage.
Examples of separate property include the following:
— Any and all personal property you purchased or owned prior to getting married.
— Any property you obtained via inheritance during the marriage by someone other than your spouse.
— Property you picked up during the marriage in exchange for your separate property.
— Any compensation received during the marriage for personal injury that was not related to lost wages.
— Any and all property described as separate property in any type of marital agreement signed by both spouses.
— Increase in value of separate property during the marriage.
You and your spouse are legally allowed to agree on how marital and separate property will be divided when you file for divorce. But, if you cannot come to an agreement together, a court will decide for you which property is considered marital and which is considered separate.
If you have mixed or commingled your separate property with your marital property, then the court will need to determine how it will be divided. The court could rule that some or all of your separate property is actually marital property and then divide it appropriately.
Visit our page today to learn more about property division in New York as you prepare for divorce.