If you’re facing a divorce, you may be wondering whether you are entitled to keep the gifts you received during the marriage. Please continue reading to learn how gifts are divided in a New York divorce and how an experienced Nassau County Property Distribution Lawyer can advocate for your rights.
Is New York an Equitable Distribution State?
Like many states, New York operates under an equitable distribution rule, which means that instead of splitting marital property in half, the court will look at various factors to determine how the property should be divided between the spouses. These factors include:
- The standard of living during the marriage
- The duration of the marriage
- Any marital agreements between spouses (prenup or postnup)
- Each party’s income and earning capacity
- Each party’s contributions to the marriage
- The contributions of each party to the other’s earning power
- Any tax consequences to each spouse depending on the division of property
- The economic situation of each party
- The present value of property and any debts or liabilities the spouses have
Essentially, marital property is distributed between spouses fairly, which doesn’t always mean an equal 50/50 split. It’s important to note that marital property refers to assets that were acquired during the marriage, whereas separate property refers to assets obtained before the marriage. Only marital property is subject to equitable distribution in a divorce, separate property is typically exempt.
Do I Get to Keep the Gifts I Received During My Marriage in the Divorce?
Although New York’s equitable distribution system designates assets obtained during a union as marital property, there are notable exceptions when it comes to gifts and inheritances.
Generally, gifts that are given to one spouse are considered separate property and are not divided between spouses during divorce proceedings. The recipient of the gift usually gets to keep it as long as they can prove that it was a personal gift from a third party, such as a family member or friend. However, if the gift is commingled with marital property, it may become subject to equitable distribution.
Gifts that were given to both you and your spouse will be considered marital property. If a gift is clearly intended for the mutual benefit of a couple, it will be considered jointly owned and, thus subject to equitable distribution. Nevertheless, a common contention in divorce is the gifts exchanged between spouses. These are known as interspousal gifts. They are subject to division during property settlements. When dividing property fairly, the court will consider the value of the gift.
At the Law Offices of Eyal Talassazan, P.C., we are prepared to help you fight for the best possible outcome for your case. Our legal team can represent your interests and ensure a fair distribution of property. Connect with our firm today to learn more about what we can do for you.
