If you need help with your high-net-worth divorce, divorce planning, child custody, and spousal alimony, visit our website at https://www.nollettilawgroup.com/ or contact our office at 914-831-7000 to arrange your initial consultation.
Full transcript by James Nolletti below.
When a couple gets married, they often already have their own bank or investment accounts. Sometimes they also own businesses or other assets and, of course, they usually acquire more property after their marriage and, hopefully, those assets each one possessed prior to their marriage have appreciated in value.
In New York, generally speaking, separate properties, property acquired by an individual prior to their marriage, and marital property, in the absence of a prenuptial agreement, is property acquired by one or both of the spouses during their marriage regardless of whose name it is in. There are some statutory exceptions to the general rule for separate property in that a spouse could acquire a separate property during their marriage, such as a bequest from the estate of a deceased relative or a gift made to them by a non-spouse, and certain types of compensation for personal injuries.
Also, property acquired during the marriage in exchange for separate property remains separate property. Of course, property described as separate property in a written agreement between spouses is separate property. Last, the post-marital increase in value of a spouse's separate property can constitute marital property if that increase is due to the contributions or efforts of their spouse during the marriage. This is a complicated area so be sure to discuss your unique situation with an experienced family law attorney.
