What Kind Of Property Is Excluded From Equitable Distribution Under New York Law?
In New York, marital property is divided in accordance with the principle of equitable distribution of property, unless the parties agreed on a different division of property in a prenuptial or postnuptial agreement. Both parties are entitled to their fair share of the marital property ― which does not, however, automatically equal 50% of the assets. A Buffalo Division of Property Attorney can advise you which of your assets are separate, negotiate a fair settlement or protect your assets through litigation.
In general, marital property consists of all property acquired by at least one of the spouses during the marriage. Separate property may include:
- Assets obtained by one of the spouses before the marriage or after a separation agreement
- Property that was exchanged for an increase in the value or for the original value of separate property, unless the other spouse created the increase in value
- Compensation obtained because of a personal injury claim
- Possessions received by one of the spouses as an inheritance or a gift from somebody other than the spouse
- Anything specifically excluded in a prenuptial agreement
It can be complicated to establish whether certain property is marital or separate property. A Buffalo division of property attorney can assist you in valuing and tracking your separate property. Attorney Linda M. DiPasquale uses her extensive experience to help you protect your assets through settlement negotiations or by strongly advocating for you in court proceedings.