If you and your spouse have decided to end your marriage, the property from the marriage will need to be divided. To complete the division process, all items must be classified as either marital property or separate property.
Marital property is any property that was acquired with marital funds during the marriage and includes gifts given between spouses.
Separate property is any property that was acquired prior to marriage that was kept in a separate name. Separate property includes gifts from third parties and anything that was inherited during the marriage.
What You Need to Know About Separate Property
- Separate property funds that were earned prior to the marriage must be kept in a separate account.
- If separate property funds are placed in a joint account (called co-mingling), then they lose their separate property character and will be considered marital funds.
- If separate property title is placed in joint name, then that property is transmutated and it effectively becomes marital property.
During your divorce, it will be important to have a legal professional on your side who can advocate for your rights. A Long Island divorce lawyer at our office can be contacted for help. Wisselman, Harounian & Associates can be reached at 516-406-8500.