What is Considered Separate Property?
One of the most stressful aspects of the divorce process is the division of assets, and one of the most common questions associated with this is, “What is considered separate property?” Marital property is equitably distributed between the two parties as the courts see fit, while anything considered separate property is exempt. It is important to know the difference. Our experienced Buffalo divorce attorneys at the Law Offices of Randy H. Gugino can help you with all aspects of property division. Contact our office today.
What is Considered Separate Property? | New York State Law
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.
What is Considered Separate Property? | Exemptions
Below are the types of properties that are exempt from the distribution process:
- 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
What is Considered Separate Property? | Commingled Property
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 complex facet of your case, and ensure your best interests are protected. Contact our office today.