Separate Property Explained

In the state of New York, when spouses go through a divorce, they will have to go through the equitable distribution process in order to divide their assets unless some sort of marital agreement is in place.  Prior to the division of assets, property is categorized as "marital" and "separate".

People always wonder which property is separate and the answer is any property, assets or possessions that is acquired prior to the beginning of a marriage or after a divorce is finalized is considered separate.  Separate property stays with its rightful owner and is not divided between two spouses.

For example, if one spouse received an inheritance prior to the commencement of his or her marriage and then filed for divorce, he or she would be able to hold onto the inheritance and would not have to share with his or her spouse.

If you have questions pertaining to equitable distribution in New York, contact the Meyers Law Group and set up a time to meet with a Long Island family law attorney.