Property Division Attorney in New York, New York
What’s the difference between marital and separate property in New York?
What’s the difference between marital and separate property in New York?
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Marital property is property that is acquired from the date of the marriage to the date an action of divorce is filed or the date an anti nuptial agreement is signed, such as a post nuptial agreement.
Separate property is property that is acquired prior to the date of the marriage, it’s a provable gift, meaning for example if someone gives you $10,000.00 and they write it in a check in your own name and you deposit it in a separate property account, meaning an account that has only your name. Then, that would be your separate property.
And, thirdly, if there is an inheritance provided that the inheritance also remains in your own name and your spouse does not appear on the accounts that hold the inheritance.
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NY family law attorney Ken Jewell explains the difference between marital and separate property in New York. He mentions that marital property is defined as any property acquired from the date of the marriage up until the filing of a divorce action or the signing of a post-nuptial agreement. Separate property, on the other hand, includes assets acquired prior to the marriage, provable gifts, or inheritances. For example, if someone gives a spouse ten thousand dollars by check made out solely in their name and it is deposited into an account solely under their name, that would be considered separate property. Similarly, inheritances remain separate property as long as they are maintained in the recipient’s name and the other spouse is not added to the account or title.
