The idea that wealth accumulated before a marriage is your own and wealth accumulated during a marriage is shared with your spouse sounds clear-cut. But in reality, the lines get blurred very quickly.
Queens, NY (PRWEB)
May 19, 2017
Couples that are getting married are often overwhelmed by the process of a wedding, joining families, and other life changes. This leaves the less glamorous issues of finances, property, and wealth assets outside the limelight. But in reality, knowing about the true meaning of ownership in a marriage is essential. Queens, New York divorce and family law attorney, Bruce Feinstein, Esq., has spent over a decade working with clients on establishing their ownership rights during a divorce in New York. A recent rise in questions concerning property rights has led him to speak about wealth ownership before, and after, marriage.
If a person comes into a marriage with wealth, such as a business or investments, this is known as separate property. During the course of that person’s marriage, both spouses will obtain more assets, and those assets are considered marital property. Marital property, which ranges from cash to furniture to retirement accounts, covers anything obtained during the marriage and is known as the marital estate. “The idea that wealth accumulated before a marriage is your own and wealth accumulated during a marriage is shared with your spouse sounds clear-cut,” says Mr. Feinstein. “But in reality, the lines get blurred very quickly.”
A person who has wealth prior to a marriage, owning a business for example, will try to grow that business during the marriage. But if that person’s spouse contributes to the growth of the business, that accumulation…