Why is Commingled Property So Important in a Divorce?
Property division can be one of the most challenging aspects of a Long Island divorce, especially if you and your spouse do not have children. Often, the biggest issues of contention in a divorce are how to separate and divide your assets in a fair and equitable way.
There are two main types of assets to be divided in a divorce: Marital Property and Separate Property.
Marital property is everything owned by one or more spouses during the marriage. Money and other assets acquired during the marriage are presumed to be marital property.
Separate property consists of the assets that were acquired by each spouse prior to the marriage, as well as any gifts and inheritances you individually acquired, even if acquired during the marriage.
Another, less less-often heard term is called commingling and it’s when separate property becomes commingled and can be considered marital property. Read on to learn more and how you can get help navigating the dissolution of your marriage from an experienced divorce lawyer.