What is considered separate property in prenuptial/postnuptial agreements? Kiritsis Law 212 922 0005
One of the most rudimentary yet challenging aspects of drafting prenuptial and postnuptial agreements is the proper categorization of separate property.
How exactly can a separate property be treated in the event of a divorce?The answer would hinge on many factors, but generally speaking the most important factor (in typical cases per this attorney's experience) is the laws of the underlying adjudicative jurisdiction. Although, this is a broad oversimplification, the legal schism in our days seems to differential different legal framework between: 'community property states' versus non-community property states.
Specific Issues & Concerns.It is important to note that neither New York nor New Jersey are community property states. In
so called community property states, typically, at any time during the marriage, then by statutory default, all property (regardless of its classification as personal or real property), with no deference attributed to legal nexus (that is basically legalese for geographical location), which was acquired after the marriage date will automatically be community property of the couple(of course this is a very broad overgeneralization, subject to many exceptions). Under such legal regime, this often means that underlying property would be owned(under some type of partitioning type of process) one-half by each party, regardless of who may have separately purchased the property.