Separate property consists of assets you get to keep in a divorce without sharing it with your spouse. Everyone knows that in divorce you have to divide your stuff up. Well, not all of your stuff. The separate property that you claim and that you can prove is yours, you get to keep without sharing- comes right off the top, comes right back in your pocket so to speak.
There are four types of separate property. Separate property consists of property you own before the marriage. It’s property that you acquired by a will or other devise. It’s property you acquired by third party gift, and it’s property that you acquired by personal injury award or disability award. These types of property, assuming they haven’t been spent or dissipated or co-mingled and they're still intact in some way, when it comes time to divide the assets in the divorce will remain yours right off the top.
For a free consultation regarding a divorce or family law issue in Suffolk or Nassau County, please contact us or call (631) 337-1977. We look forward to speaking with you.