A good example of separate property is somebody having a bank account before they get married. Let’s say a $50,000.00 account. Parties get married. They buy a house. Let’s say the wife has the $50,000.00 account. She puts that money that was in her sole account and she comes to the closing and she writes a $50,000.00 check to purchase that house. Ten years later the parties are getting divorced and dividing that house up.
Assuming that she still has the proof that she put that $50,000 into the purchase of the house, well, that $50,000 will come right off the top as her separate property and the balance of the net proceeds will then be split between the parties.
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.