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Marital property includes: Cash, securities, bank accounts, retirement accounts and pensions acquired during the marriage; Advanced educational degrees, and permits to engage in specialized businesses acquired during the marriage; Gifts to each other.
The separation of property may refer to present or future property or both and it may be total or partial separation. In the latter case, the property that was not agreed upon to be separate, shall pertain to the absolute community of the spouses.
Since New York is an equitable distribution state, any property acquired during the marriage, known as marital property, must be divided fairly in a divorce. However, spouses separate property, or property acquired before marriage, remains separate.
Marital property includes: Cash, securities, bank accounts, retirement accounts and pensions acquired during the marriage; Advanced educational degrees, and permits to engage in specialized businesses acquired during the marriage; Gifts to each other.
Separate property is property that is owned by one spouse and not the other. There are two categories of marital property; community property, and separate property. Community property is when spouses share all property equally.
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Disadvantages of Legal Separation Legal separation typically does not entitle you to your spouses assets, whereas a divorce would force a division of current assets. Cant Remarry: You may heal and be ready for a future relationship given enough time. A legally separated person cannot marry a new person in the U.S.
In divorce proceedings, New York state law recognizes two types of property. Separate property consists of property, investments, and cash that each of you had prior to the marriage. Marital property consists of all property, cash, and investments the two of you accrued during your marriage.
Since New York is an equitable distribution state, any property acquired during the marriage, known as marital property, must be divided fairly in a divorce. However, spouses separate property, or property acquired before marriage, remains separate.
A Separation Agreement is a contract between you and your spouse, in which you both agree to live separate and apart, not to pay each others bills, decide with whom the children will live, what becomes of the marital property, or anything else both of you want to include.
Transmutation of Separate Property In New York, transmutation can happen when one spouse takes separate property money and deposits it into a joint account with the other spouse that has a right of survivorship attached to the account. By doing this, the funds transmute and become a joint marital asset.

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