What Is Marital Property in New York?
When you go through a divorce, you need to divide up the assets. Some of those assets are called marital property, while others are separate property. Figuring out what is marital property is not always easy but is an important part of your divorce.
A skilled family law attorney can help explain the intricacies of the law that governs the distribution of your property. Basically, marital property includes all the income and property that you acquired during the duration of you marriage. All of this marital property must be equitably distributed between spouses as part of the dissolution. Fault is not considered in making the division.
So what types of things are included in marital property? Obvious marital property includes any real estate that you acquired during your marriage. Your home or any vacation or rental homes are examples of real property.
But marital property goes beyond real estate. It can include the furnishings in your homes, professional degrees, professional licenses, businesses, and other physical possessions such as cars, boats, or other vehicles. Income from your job can be marital property, as can stock accounts and bonuses. Pensions and trust income can also be marital property. Debts acquired while you are married are another type of marital property that needs to be divided equitably when you divorce.
The skilled family lawyers at Bryan L. Salamone & Associates, P.C. can help you in assembling a list of all property that may be considered marital property. We fight to see that the marital property of your marriage is distributed fairly.