In most divorces, separation of property tends to be a big issue. It is important to classify who owns which assets, and which assets were purchased during the marriage or before. Once the determination is made, the parties can decide on the separation of marital property. The division of property in a divorce proceeding should be done with fairness.
Marital property is property that was purchased during the marriage, and can be divided among the parties during the divorce. For example, a home purchased by both parties during their marriage can be considered a marital asset and can be subject to division during the divorce.
Separate Property in New York
Separate property is usually property that was acquired prior to the marriage. This may also include items received during the marriage that were inherited by one spouse or gifted to one spouse. Also, any property that was identified in a premarital agreement would be deemed separate. Separate property may also include properties listed specifically in a premarital agreement.
Commingling & Transmutation of Property in New York
Some divorces can see more complicated issues with the separation of property if they had once owned property solely, but then commingled it with their spouse. Examples of this may be converting a sole bank account into a joint bank account and using that account to pay marital bills. In addition, transmutation occurs when a spouse changes the title of a home into a joint title with both spouses’ names. This may convert the home from a separate property to a marital property, and may give both spouses an interest in the property.
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