Separate Property in a New York Divorce

Non-marital assets, or separate property, remain just that in a divorce, and are not subject to division (subject to some exceptions). Unless you or your spouse made a contribution (financial or non-financial) to the value of your separate property during the marriage, you are permitted to keep that separate property under New York law. Separate property (subject to some caveats) is considered:

• Inheritances and third party gifts
• Pre-marital assets
• Personal injury lawsuit settlements
• Assets acquired from the sale of separate property

The attorneys at Berkman Bottger Newman & Schein LLP can answer any questions you have about what is marital property versus what is separate property.

Equitable Division of Family Businesses & Practices in Divorce

Marital businesses or professional practices also be equitably divided. However, this can be a complex and difficult task. For example, if one spouse owned the business before the marriage but worked in the business during the marriage, the financial appreciation may be considered marital property.

Marital Waste or Dissipation of assets

One issue that comes up in NYC divorces is marital waste. Marital waste is when one spouse wastes marital assets without the consent of the other spouse. This can happen throughout the marriage or, more often, as the marriage begins to fall apart. Wasted assets can include money spent on extramarital affairs, money spent on gambling, money spent on drugs, giving away money to family members/ friends before separation. If the court proves one spouse has committed marital waste, they will typically have to make reparations to the other spouse.

Asset Protection Strategies for Your NYC Divorce

One of the best ways to protect your assets is with a prenuptial or postnuptial agreement. Setting terms on separate versus marital property early in your marriage can ease conflict and tension later on, saving time and money in the event of a divorce. If you have no such agreement in place, it is crucial you consult with an experienced attorney to ensure you protect your valuable assets and property.