How Spouses Can Keep Their Separate Property Separate
In New York, maintaining individual ownership of separately owned assets is vital for spouses who wish to avoid having them classified as marital property during a divorce. New York follows an equitable distribution rule, by which assets acquired during a marriage are subject to fair but not necessarily equal division. Property owned prior to the… Read More »
How N.Y. Courts Decide if Property Is Marital or Separate
In a New York divorce, determining whether property is marital or separate directly impacts the equitable distribution of assets. Under New York law, marital property is generally defined as any property acquired by either spouse during the marriage, regardless of whose name is on the title. On the other hand, separate property includes assets that… Read More »