When an individual gets married, of course they will enter the marriage with their own property. It might not be something as grand as a house, but it could be a car or a family heirloom. In the event that this marriage comes to an end, each spouse will have to determine which property is marital and which property is separate. To add to that process, they will also have to determine whether any separate property became marital property at some point throughout the course of the marriage, because it does happen, believe it or not.
Separate property is anything that an individual owned prior to the marriage. After a couple gets married, all property acquired is considered marital property. However, if one of the spouses had an asset prior to the marriage but the other spouse contributed to it financially, it can become a marital asset. In addition, another common example is when one spouse inherits property or money from a family member. It can either remain separate property if the spouse keeps it in a separate account or it can become marital if it is put into a joint account that both spouses can access.
If you have questions about the distribution of property in a divorce, contact our firm today.
Leslye M. Schlesinger serves Rockland and Westchester County with compassion and integrity. With over 30 years of experience guiding clients through matrimony law, she now focuses on helping clients avoid litigation through alternative dispute resolution, including collaborative divorce and mediation. If you need an effective and committed attorney, contact Leslye M. Schlesinger for a consultation.