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New York Law - Can Separate Property Become Marital Property Without a Gift? If separate cash is contributed to a joint bank account, and treated as joint funds, it will generally become marital property. The party who made the deposit may be entitled to reimbursement for the initial deposit, but not for the eventual value of the funds as invested. McGarrity (1995) 622 NYS2d 521 (Over $250,000, which the husband received from inheritances, and which he deposited in a joint account after the physical separation, did not become marital property. Because he simply deposited it in the most convenient bank account, and because the parties were already physically separated by that date, it is clear that he did not intend that the money would become marital property.) Glazer (1995) 593 NYS2d 905 (The husband deposited a $6,000 inheritance in a joint savings account. The parties used it as a marital account. As a result, this money became marital property. However, $5,000 of the inheritance that was invested in the marital home was the husband's separate property. That $5,000 was reimbursed to the husband; the remaining value of the marital home was marital property to be divided between the parties.) Wiercinski (1986) 497 NYS2d 179 (The husband was injured and received social security benefits. He and wife put those benefits in a separate bank account. Then, after 30 years of marriage, they divorced. The court ruled that those benefits are marital property subject to distribution, because, regardless of their origin, they had been deposited in a marital bank account.)
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