What Is Transmutation?
Essentially, transmutation occurs when a spouse takes his or her “separate property” and intermingles it with his or her spouse’s property (i.e., putting a paycheck into a joint bank account or putting money into a jointly deeded property), meaning that spouse “transmutes” it into “marital property.” This means that it may be subject to equitable distribution in a divorce.
The spouse opposing the “transmutation” must establish by clear and convincing evidence that the joint account or deeded property was for CONVENIENCE purposes only. Gift affidavits from parents to both parties defeat any separate property claims.
In Such Matters, Experience Makes A Difference
Sorting out separate property from transmuted property is time-consuming, complex and difficult if you do not know what to look for. Thankfully, after more than 25 years of guiding clients through divorces of all kinds, I know what to look for. Schedule a free consultation to talk through your concerns about property division by calling my office in Staten Island at 718-720-1000.