When a married couple goes through the process of getting divorced, they will almost inevitably get involved in a debate over how to distribute their marital property. In some cases, they may not even agree on what exactly counts as marital property, for the purposes of dividing up their assets. But what exactly is marital property, and why is it so important in divorce law?
Defining Marital Property
In legal terms, “marital property” refers to the property that a couple owns together, as opposed to the property they each own individually. Despite what some people may think, a person’s individual property does not automatically become the shared property of the spouse when they get married. Instead, any property they purchase together, or which they deliberately intermingle, is considered marital, while everything else remains separate.
Types of Marital Property
This broadly includes anything that both spouses own together. This may include, but is not limited to:
- A family home, as well as any furniture purchased by the couple for the home
- Any shared bank accounts or investment accounts
- Any shared vehicles, such as a family car or boat
- Any retirement accounts or pensions that vest during the marriage
- Any gifts to one another, such as for birthdays, holidays or anniversaries
- The value of any higher educational degrees or accreditations earned during the marriage
- Any artwork or decorations purchased together
The Blurry Line Between Individual and Marital Property
Unfortunately, the line between a spouse’s separate property and the couple’s marital property is not always clear-cut. For example, if one spouse gains an inheritance from a loved one who passed away, that will normally be considered their separate property. If, however, they intermingle the inheritance by storing it in the couple’s shared bank account, it will instead be considered their shared marital property when it comes time to divide the money during a divorce.
Why This Matters
When a marrying couple goes through a divorce, anything that is considered marital property will be divided according to the principles of equitable distribution. However, anything that is considered separate property belonging to an individual spouse will be kept separate and will not be divided. This means it is critical to know what is considered separate and what is not, in order to avoid losing a portion of your personal property to the spouse you are divorcing.
What You Should Do
If you are going through a divorce, or are looking to get a divorce in the near future, you should take stock of your assets and figure out which belongs to you personally, and what belongs to you and your spouse as a couple. This can be difficult, however, and you may not always know what will qualify as marital property. That is why you should contact a divorce lawyer with experience handling equitable distribution matters, who can help you get the best outcome possible in your case.
If you have questions regarding child custody or other aspects of family law, you should seek advice from an attorney experienced in handling these matters. A New York matrimonial lawyer, who is experienced in handling family law cases of all sorts, can advise you of your legal rights and will fight for your best interests in court. If you are facing a dispute related to the equitable distribution of property, child custody, child support, or any other family law issue, contact the Suffolk County family court lawyers at McGuire, Peláez and Bennett at (631) 348-1702 or visit our contact page.
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