Legal Question in Family Law in New York
marital or community property
Hi! In a prenuptual agreement, can a married couple have both marital property and community property? What's the difference? Thanks!
1 Answer from Attorneys
Re: marital or community property
These terms tend to be used interchangably, by non lawyers. But, they actually do not mean the same thing.
As you may know, California is called a "Community Property" state.
But, historically NY is called a "Title" state, and now more specifically, it is called an "Equitable Property" state.
Generally, the difference is that NY "presumes" that property acquired during a marriage is "marital property," BUT, the presumption is Rebuttal. Which means that spouses can acquire "marital" and "nonmarital" property during their marriage.
In contrast to California, where generally all property acquired during a marriage IS "marital property," notwithstanding the source of the assets or contributions used to acquire the property.
Good luck,
Phroska L. McAlister,ESQ