When couples divorce in New York, it is crucial to understand that all assets acquired by either party during the marriage are considered jointly owned and are therefore subject to equitable distribution. Nevertheless, specific gifts might be exempt from this regulation. Therefore, understanding which gifts could be subject to division during divorce proceedings is essential. Please read on and consult with an experienced Nassau County Property Distribution Lawyer to gain further insight into whether you can retain gifts received during your marriage in your divorce.
How Are Gifts Treated During a New York Divorce?
In New York, marital assets are subject to equitable distribution upon divorce. This legal standard dictates that property acquired during the marriage will be divided based on what is considered fair, though not necessarily an equal split.
Regarding gifts, New York law applies a unique set of rules. The classification of a gift and whether a spouse is permitted to retain it depend less on the item itself and more on the specific circumstances of the gift, including the giver’s intent and how the couple handled the item during the marriage.
Can I Keep the Gifts I Received During My Marriage?
Individual gifts received by one spouse from an outside party are typically exempt from asset division, provided the recipient can demonstrate exclusive ownership intent. In contrast, presents received during the marriage, such as for a wedding or anniversary, are usually classified as joint marital assets and are subject to fair distribution, particularly if meant for shared use.
It is important to remember that gifts given directly between the spouses, even if purchased wth non-marital funds, become part of the marital estate and are subject to property division. Their monetary worth is taken into account by the court during asset allocation.
How Can I Prevent Gifts from Being Divided in a Divorce?
Even if an asset starts as a non-marital gift, certain actions taken while married can strip it of that classification. This represents a primary route through which spouses forefit property rights during a divorce. Common scenarios where gifts transform into joint marital property include:
- Depositing gift funds into a jointly held bank account
- Adding your spouse’s name to the property’s legal title or deed
- Using communal funds earned during the marriage ot maintain or upgrade the gift
- Allowing your spouse to regularly contribute money toward the upkeep of the gifted item
To protect a gift as your separate property in a New York divorce, you must take proactive steps to ensure it remains distinct from shared marital assets. The first crucial step is securing documentation that explicitly proves the donor intended to give only you the gift, not you and your partner. Financial records, like a check issued exclusively in your name, serve as effective evidence.
Equally important is meticulously avoiding the commingling or integration of the gift with any funds or assets acquired jointly during the union. Given the complexities of asset division during divorce, seeking guidance from a seasoned Nassau County property distribution lawyer is strongly advised. Contact the Law Offices of Eyal Talassazan, P.C. today to schedule a consultation.
