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What is Separate Property? What is Marital Property?
April 26, 2017
What is Marital property in a New York Divorce case?.
Marital property is anything you or your spouse have acquired or saved during the marriage, such as a car, a house, bank accounts, pensions, and a business.
What is separate property? Separate property is where one spouse is declared the sole owner of the property under certain instances. For example, if one spouse owned property before the marriage and kept it separate and did not put the other spouse’s name on it then it remains separate property. Also, any gifts you receive from someone is deemed your separate property as is inheritances or property that the parties agree will remain separate in a formal document acknowledged in a formal writing that meets New York State requirements such as a nuptial agreement or prenuptial agreement.
property acquired by one spouse using separate property assets with the intention of keeping it separate. Also keep in mind that portions of a personal injury awards can also be considered separate property such as compensatory awards for pain and suffering verses loss of wages.
By Lisa Beth Older, Esq.
Law Offices of Lisa Beth Older