What is considered separate property in New York?
Separate property includes assets owned by one spouse before the marriage, inheritances or gifts received during the marriage, and any property that can be traced back to these sources. These assets are typically not subject to equitable distribution. However, there can be exceptions in which separate property becomes commingled with marital property, such as through depositing funds into a shared bank account.
September 20, 2024 – Al Hedayati, Esq.