What types of property are generally considered "marital property" in New York?

In New York, "marital property" generally refers to property that is acquired during the marriage, regardless of how title is held. This includes assets that both spouses have contributed to, whether financially or through other means. The principle behind this definition is that both spouses share in the fruits of the marriage, and therefore, property acquired throughout the duration of the marriage is subject to equitable distribution upon divorce.

Marital property encompasses income earned, real estate purchased, and any marital improvements made to existing property during the marriage. This allows a fair division of assets upon divorce, recognizing the joint contributions made by both spouses during the course of their relationship.

Other choices, such as property acquired before marriage or property owned by one spouse prior to the marriage, are categorized as "separate property." Separate property remains with the original owner in a divorce and does not contribute to the marital estate subject to division. Gifts received during the marriage can be complex, as they may be considered separate property depending on who the gift is from and the circumstances surrounding the gift. In essence, understanding what constitutes marital property is crucial for equitable distribution in divorce proceedings under New York law.