Identifying Marital and Separate (Non-Marital) Property
One of the most challenging issues in property division under New York law is determining which property is part of the marital estate. At The Trotto Law Firm, P.C. in Rochester, our attorney provides clients with legal representation in all matters related to property settlements, including identifying marital property and separate (non-marital) property.
What makes this aspect of property settlement challenging is the need to untangle the two types of property. Most couples commingle property during their marriage. Even when the assets appear to be straightforward, it can be difficult to identify those that can be divided because they are part of marital property.
Examples of Non-Marital Property
- Inheritance before and during the marriage
- Gifts intended for one of the parties
- Residence purchased before marriage
- Separate property used to purchase a marital asset
- Business purchased before marriage
- Life insurance purchased before the marriage
- Personal injury settlements
- Property specified in pre-nuptial agreements
The question becomes the degree to which separate property was commingled with marital property and the extent of the other spouse's contribution to the increase in value of the assets or the success of the business. The court considers issues such as the length of the marriage, spousal and child support obligations, how long the parties lived in the house and the amount of marital debt. Factors such as these are included when dividing property.
Examples of Marital Property
Marital property is typically those assets acquired during the marriage. These can include:
- A residence and other real estate purchased during the marriage
- Employment benefits acquired during the marriage (stock options, pensions and bonuses)
- Increases in value of non-marital property
Our lawyer consults with investigators, valuation experts and other forensic specialists to identify all property to be included in the equitable distribution process.
In some cases, arriving at a fair division requires that assets be liquidated. When such assets include residential real estate, our lawyer can assist clients with the process of selling the family house.
Contact The Trotto Law Firm, P.C. in Rochester, New York, for more information about separate and non-community property.
