In New York, any property that is acquired by either or both spouses during a marriage is subject to equitable distribution. This does not include assets acquired after the execution of a
separation agreement or after the commencement of a matrimonial action. All assets acquired during marriage are subject to division regardless of whose name titles are held under. The only exceptions to this are:
- Property owned by either spouse before marriage and property that is acquired by bequest, devise, descent, or gift from a party other than the spouse
- Compensation for personal injuries
- The increase in value of separate property
- Property described as separate property in a written agreement between the spouses
The increase in value of separate property, however, may be subject to equitable division if the appreciation of the property is due to the direct or indirect efforts of the other spouse.
If you have further questions regarding equitable division in New York, contact a Long Island family lawyer today.