Marital and Non-Marital Property
If you are going through a divorce and are in the process of dividing marital assets, you will need to understand the difference between marital and non-marital property. Here is what you need to know.
Marital and Non-Marital Property | Equitable Distribution of Assets
According to New York State law, marital assets are divided in a manner that is equitable, but not necessarily equal. Typically, any property acquired before the marriage is considered separate property, and any property acquired during the marriage is subject to equitable distribution unless it can be show to have be acquired by use of assets that existed prior to the marriage, or are a result of a gift or inheritance during the marriage.
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Marital and Non-Marital Property | Exempt Properties
- Property you receive from a spouse after a judgment of legal separation.
- Anything received by gift, legacy or descent.
- Property owned by you or your spouse before the marriage.
- Any judgment or property awarded to a spouse from the other spouse.
- Property specifically excluded by a prenuptial or post nuptial agreement by you and your spouse.
- Personal Injury Awards and Workman Compensation/Disability Settlements may, in part, not be considered to be subject to equitable distribution
However, non-marital property can become subject to equitable distribution if it is co-mingled with marital property. Because of the many nuances involved in determining equitable distribution in New York, it is imperative you retain a skilled Divorce Attorney. Attorney Randy H. Gugino has over 30 years of experience and can help you navigate this often complex facet of your case, and ensure your best interests are protected.
If you need to know more about property division and the divorce process in general, please contact our experienced Buffalo divorce lawyer today to schedule a consultation.