What property is subject to division in Manhattan divorce?
Marital Property & Separate Property
During a New York divorce, property is considered either marital property or separate property. Only marital property is subject to
division. Generally, any assets obtained during the course of the marriage are considered marital property, unless specific circumstances exist which exempt them from this classification. These circumstances include:
- Gifts or inheritances received by one party during the marriage and held in a separate name
- Funds obtained by way of a personal injury award
- Disability pensions (only the portion actually pertaining to disability)
- Anything acquired by the sale of exchange of separate property
It is possible, however, that separate property may become commingled with marital property and thereby cease to be exempt from division. This applies also to any property brought into the marriage, which is otherwise considered non-marital property. In some cases, one spouse may be reimbursed for contribution made to the marital estate, however there are strict regulations regarding this.
All debts incurred during the marriage are considered community property, no matter in whose name they were recorded, for whose benefit the funds were used, or which party executed the transaction. An exception exists in this case of a creditor looking specifically to the property of one spouse for payment.
Manhattan Divorce Attorney
As the restrictions and special exceptions regarding which property is subject to division are incredibly complex, it behooves you to obtain the assistance of a Manhattan divorce lawyer. The attorneys at The Kepanis Law Firm can conduct a thorough analysis of your financial affairs to help prevent unnecessary losses during your divorce. They can guide the discovery process in order to obtain information regarding your spouse's finances and review these in relation to your own and the final property split.
Contact a Manhattan divorce attorney
for assistance determining which property is or is not exempt from division in your divorce.