What is marital property and what is separate property?
Generally speaking, marital property is property that is acquired during the marriage. Therefore, a house purchased during a marriage is likely to be considered marital or joint property. However, certain property acquired during the marriage is not considered marital property. This includes but is not limited to the following:
- An inheritance or gift made to one spouse
- Property excluded by agreement of the parties
- Property acquired after a legal separation
- Property acquired in exchange for pre-marital property. Often times a spouse can obtain what is called a separate property credit if they use pre-marital property to acquire marital property. This is a complicated topic and requires an analysis of the facts and circumstances to ascertain whether the property is marital or separate. Martial property is subject to equitable distribution in New York State.