High Net Worth Divorce Attorney in New York, New York
Are trust assets marital or separate property in a New York divorce?
Are trust assets marital or separate property in a New York divorce?
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trust assets
can be marital and they can be separate
property it depends upon what assets are
put into the trust so if the
assets were acquired prior to the date
of the marriage or a gift during the
marriage that’s provable but remains in
the one spouse’s name
or an inheritance that remains in one
spouse’s name it will be separate
property and will remain separate
property notwithstanding
uh the fact that there is a divorce
action if however we’re talking about
marital assets meaning assets that were
acquired during the marriage as a result
of the efforts during the marriage and
those assets were put into a trust then
those assets would get divided much like
any regular marital property asset would
get divided between the parties
regardless of the existence of the trust
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NY family law attorney Ken Jewell on whether trust assets are marital or separate property in a New York divorce. He explains that assets placed in a trust can be categorized as either marital or separate property, depending on the nature of the assets. If the assets were obtained prior to marriage, or were gifted or inherited during the marriage and are provably in the name of only one spouse, they will remain separate property even in the event of a divorce. On the other hand, if the assets were acquired during the marriage as a result of joint efforts and were then placed in a trust, they would be considered marital assets and would be subject to division in the event of a divorce, similar to other types of marital property. The existence of the trust does not affect the division of these assets.
