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What’s the Difference between Marital property & Separate Property?

| May 16, 2016 | Uncategorized

Often a share of significant assets can turn on the precise definition of what constitutes “marital property” versus “separate property.” In a nutshell, a non-title-holding spouse gets a share of marital property, but does not share in separate property (though there are many exceptions to this).

“Marital Property”
New York Domestic Relations Law section 236 defines “marital property” as all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held,” except pursuant to the terms of a validly-drawn separation agreement, pre/post-nuptial agreement, or stipulation of settlement.

“Separate Property”
The same statute defines “separate property” to mean (1) property acquired before marriage or property acquired by bequest, devise, or descent, or gift from a party other than the spouse; (2) compensation for personal injuries; (3) property acquired in exchange for or the increase in value of separate property, except to the extent that such appreciation is due in part to the contributions or efforts of the other spouse; (4) property described as separate property by written agreement of the parties (as described above).

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