How is Property Divided in a New York Divorce?
To understand how property is divided in a New York divorce, you must first understand the concept of marital versus separate property. Under New York law, marital property includes any assets or debts that were acquired by either spouse during the marriage. It doesn’t matter whose name is on the title. This likely includes your shared marital home and at least one vehicle. This could also include income earned and retirement benefits.
Separate property, on the other hand, refers to any asset that was acquired before the marriage or after the date of the divorce petition. It also includes inheritance and gifts. In addition, you can define property and separate in a prenuptial or postnuptial agreement.
These definitions have profound implications for the way asset division works in New York State. Generally speaking, only marital property is considered during the equitable distribution process.
Equitable distribution in New York State
The State of New York uses a process called equitable distribution when dividing the marital estate between the two spouses. While there is a presumption that the marital estate should be divided 50/50, equitable distribution only ensures that the division will be fair to both parties; that means that it’s not necessarily an even split. The courts will consider various factors, including the length of the marriage, each spouse’s income, and each spouse’s financial circumstances after the divorce.
When dividing assets, the court will take various factors into consideration such as the health and age of each spouse, which spouse has custody of the children, and each spouse’s future financial needs. The goal is to aim for a solution where both spouses can maintain a similar standard of living once the divorce is finalized.
Factors influencing equitable distribution
- Contributions to the marriage – When deciding how to equitably distribute the marital estate, financial contributions to the marriage are taken under consideration. This includes direct earnings from employment. However, non-financial contributions are equally important. These can include actions like homemaking, child-rearing, and supporting one spouse’s career while sacrificing your own.
- Length of the marriage – The length of the marriage has a significant impact on property division. Generally speaking, the longer the marriage, the more property there is to distribute. In addition, the comingling of marital and separate property can make the matter of property distribution much more complex.
- Economic status – The economic status of each spouse, both during and after the marriage, plays a crucial role in property division. The courts will assess the current financial situations of both spouses to ensure that their post-divorce circumstances don’t completely diminish the quality of life they enjoyed during the marriage. For example, a spouse with a lower earning power may be favored during the process of equitable distribution.
Talk to a Rockland County Divorce Lawyer Today
The Law Office of Robert S. Sunshine represents the interests of Rockland County, NY, residents who are pursuing a divorce. Call our Rockland County family lawyers today to schedule an appointment, and we can begin discussing your next steps right away.
