What Type of Property Should Stay Separate After You Get Married?
After you get married, all of your property gets classified either as marital property (also known as community property) and non-marital property (also known as separate property). Marital property is any property gained after the marriage, while separate property is property that you owned before the start of the marriage.
There are certain types of property that you should take care to keep separate even after you are married. These include the following:
- Shares in family business. If you have an ownership stake in your family business and the intent of your family is to keep control among immediate family members, then you should make sure that all of your shares of the business stay held in your name only. There is the option for your spouse to get a marital property interest in your share, or limit the claim your spouse has to the value of your business in a prenuptial agreement.
- Gifts and inheritance. Even when acquired after marriage, financial gifts and inheritance are always considered to be separate property. If real property is included, however, you might want to take some extra steps to make sure that it is held only in your name.
- Property from a prior marriage. If you wish to pass on property from a previous marriage to your children from that previous marriage, then you should make sure to keep it as separate property so that children in your new relationship do not have the same claim to that property.
Keep in mind that the classification of your property can change. If, for example, you use separate property for marital reasons during the course of your marriage, this property may become shared in the eyes of the law.
For more tips and guidance, consult the knowledgeable Long Island family law attorneys at Bryan L. Salamone & Associates.