Generally, trusts are considered the separate property of the spouse named as beneficiary. However, that is not true if the assets in the trust contain marital property. The distinction between marital and separate property is important because only marital property is subject to equitable … [Read more...] about What Should You Do If Your Spouse Puts Marital Assets into a Trust Without Your Consent?
In a divorce, the laws of equitable distribution distinguish marital property from separate property. Technically, only marital property, that is, property acquired after the parties’ wedding date, will be divided between the parties in a divorce. Separate property, that is, property that is … [Read more...] about Are Trust Assets Marital or Separate Property in Divorce?
Most couples come into a marriage with some existing income and assets that may generate tax liability. What responsibility each spouse has for the taxes generated by the other’s assets can be complicated. Tax rules and matrimonial law affect liability during marriage and divorce. In a divorce, … [Read more...] about Tax Liability of Spouses for Marital and Separate Property
When spouses divorce in New York, their marital property is subject to “equitable distribution.” Equitable is not the same as an equal. It is a concept rooted in fairness. What constitutes a fair division of assets varies depending on the type of property and other circumstances. Notably, equitable … [Read more...] about What Is Equitable Distribution Under New York Divorce Law?
When couples divorce, their marital property is subject to equitable distribution. Generally, marital property is property that is acquired after the parties’ wedding date and up to the date upon which a divorce action is filed. Separate property is property that is either acquired before the … [Read more...] about Protecting Separate Property from Becoming Marital Property
When parents get divorced, a common concern is the disposition of the marital home. The custodial parent often wants to stay in the home with the children in order to avoid disrupting their lives. New York law recognizes that this presents a unique situation and affords special treatment to marital … [Read more...] about Who Gets the Marital Home After Divorce?