Are Personal Injury Settlements Considered Marital Property?
When two people tie the knot in New York, things tend to become one for both of them; even their assets, properties, income, etc. It means that when you get a salary, earn money, acquire property, or attain other assets after marriage, everything is considered ‘marital property’ which is subject to distribution between both partners. This scheme of dividing and sharing ‘marital property’ is operative by law even during divorce. Thus, splitting couples often wonder what part of their income, profits, gains, or other compensations received during the persistence of marriage will have to be given to their other half.
Our professional NYC personal injury lawyers are just a call away if you are looking for expert advice in this regard. We promise to clear your doubts if any with utmost precision according to the applicable law.
What Type of Property Is Subjected to Division upon Divorce?
As stated above, the only marital property falls under this purpose of division while getting divorced. The New York law considers marital property as any monetary, proprietary, or other asset gains by either partner during the marriage. Thus, all such assets will need to be put forth for the division while getting a divorce. Our law firm namely, NYC Injury Attorneys P.C. has dealt with such cases where we have successfully delivered the maximum benefit for our client.
What Type of Property Is not Subjected to Division Upon Divorce?
For either of the partners, the more concerning part becomes how much they will have to give away while parting ways with their divorcing partner. Thus, it is more crucial to know what type of property or claims you can preserve with yourself without having to divide or share the same with the splitting partner. The short answer is that anything which is not ‘marital property’ is not subjected to such division upon divorce.
You can contact our knowledgeable NYC personal injury lawyers for comprehensive details. Meanwhile, it will be sufficient to know that your ‘separate property’ will not be eligible for division with the divorcing partner as per the law prevalent in New York.
Separate property includes plenty of things that you will not have to share with the spouse from whom you are getting a divorce. Such separate property usually includes the following things:-
- Gifts received for yourself
- Personal injury compensation
- Inheritances before marriage
- Assets acquired before marriage
- Income earned before marriage
- And a few more depending upon the facts of the case
Our assurance is to assign only the best attorney who can derive you the maximum benefit in such divorce matters about legal suit asset division. Also, we want you to know that such asset and income division is not always done equally between the partners; one may get more share than the other based on the evidence and arguments presented by a respected lawyer.
Contact us today and click here to get a free consultation from the experts in the field. Your betterment is our only goal.