Best Adoption Lawyers in Albany, NY

What is marital property and what is separate property? Marital property is any property acquired during the marriage and before either a separation agreement is fully executed or a divorce action is commenced (whichever comes first). As long as the property was acquired while the parties are married, then the property is presumed to be marital even if it is titled to only one spouse. Separate property is not subject to equitable distribution during a divorce and includes the following: - Property acquired by either party before the marriage; - Property gifted to one spouse by a party that is not the other spouse; - Compensation given to one party for personal injuries; - The increased value of separate property during the marriage if the increase in value is not due to contributions by the non-titled spouse; and - Property described as separate property in a valid pre-nuptial or post-nuptial agreement. Under DRL §236, marital property - and not separate property - is to be distributed equitably between the parties in a divorce, “considering the circumstances of the case and the respective parties.” Marital fault, however, is not among the circumstances that the court can consider when deciding how to equitably distribute property. This means that, while the court will consider things like the income of the parties, the duration of marriage, and the health insurance available to the parties, the court cannot alter the distribution of marital property because one spous...