What is considered marital property?

Are you currently go through a divorce, but are unsure of who is entitled to getting what property? At Simonetti & Associates, we will help you find the best divorce lawyer on Long Island to help you through this difficult time.

Because New York is an equitable division state, you are entitled to keep whatever income you earned during your marriage as well as whatever property is in your name alone. However, there are exceptions to this rule:

  • Property acquired by gift, legacy or descent
  • Property acquired in exchange for property obtained before the marriage or in exchange for property acquired by gift, legacy or descent
  • Property gained by a spouse after a judgment of legal separation
  • Property excluded by valid agreement of both parties, as in a pre- or postnuptial agreement
  • The portion of a damage award for personal injury that compensates pain and suffering or punitive damages
  • Any property obtained by judgment awarded to a spouse from the other spouse
  • Property acquired before the marriage

If any of the above apply to you, the courts may consider it marital property, and you may be entitled to more than you think. However, this does not include business agreements that you may have had with your spouse, as that is considered a non-marital asset. Despite that, if you contribute to said business substantially more than your spouse, or you have legal ownership of the business, Simonetti & Associates can help arrange that as well, to make sure you get the money that you deserve.

If you think these apply to you, our best divorce lawyers on Long Island will help you through your divorce. We offer flexible office hours, as well as a free consultation, and if you are dealing with any of these types of problems, we will be glad to discuss this.