How To Separate Property in Divorce?
My clients often ask, “What do I have to divide up when I get divorced?” Here’s what I usually tell them. But before that, let me introduce myself. I’m Katherine Miller, and I’ve been a divorce attorney in New York City and New York State for over 30 years.
In New York, the division of property in a divorce is governed by specific rules, and it’s important to understand these if you’re a New Yorker. The general rule is that everything either spouse has achieved or acquired through their own efforts during the marriage is subject to division. This includes any work compensation or value gained, regardless of whether it’s held in one name or jointly.
Property you owned before marriage remains yours unless you’ve taken actions to make it marital. For instance, if you received a gift from someone other than your spouse, that property is typically considered marital. This includes items like diamond earrings or an upgraded engagement ring—these are all marital property subject to division, at least in terms of their value during the divorce.
It’s also very easy to transform separate property into marital property. For example, imagine you had a premarital account with $50 in it when you got married. After the wedding, you deposited your first paycheck into this account, and over time, you added and withdrew money. When it comes to divorce, you can’t easily identify the original $50, as it’s been mixed with other funds. However, there might be situations where you can trace and retain certain assets, such as in a 401(k) or real property.
Confused? It’s understandable—it can be quite complex. If you have questions about how to handle your separate property, here are a couple of options:
- Give us a call to discuss your specific situation.
- Download our “Three Tips for Keeping Your Separate Property Separate” by providing your information in the link below, and I’ll send it right over.
Thanks for listening!