Legal Question in Family Law in New York

Seperate Money

I own a condo that I just recently started renting out and am putting the checks I recieve for rent in a seperate account to hold only that money. I am getting married. Question is- if I keep it seperate and just deposit my tenants checks in there, god forbid I divorce, would I have to give him any of that money? I only ask because I question his actions reguarding money. Thank you very much.


Asked on 4/09/09, 8:18 pm

2 Answers from Attorneys
Kristen Browde Browde Law, P.C.

Re: Seperate Money

You should certainly keep all income and expenses from the condo in a separate account.

Keeping separate property from becoming subject to future equitable distribution is a bit more complex than that. If you have serious concerns and would like to arrange a consultation, please feel free to get in touch.

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Answered on 4/09/09, 8:25 pm
Michael Markowitz Michael A. Markowitz, PC

Re: Seperate Money

Money earned prior to marriage is separate. Money earned during marriage is subject to equitable distribution.

Therefore, after marriage if you opened a separate bank account (having 2 bank accounts), 1 that was opened before marriage and 1 that was opened after marriage. And all future condo income was placed in the account opened after marriage, you would have a good argument that the account opened before marriage is separate property.

Of course, the best way to handle this issue is to obtain a pre-marital agreement whereby the future husband admits that condo and income will be deemed non-marital funds.

Mike.

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Answered on 4/10/09, 9:45 am


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