How is property divided in a divorce in New York?
Regarding divorce, property division is one of the most critical and often contentious issues. In New York, property division can be a complicated process, and both parties need to understand how it works.
First, it’s important to note that New York is an “equitable distribution” state. This means the property is not necessarily divided equally between the parties but fairly and equitably. The court will consider several factors in determining how property should be divided, including the length of the marriage, the income and property of each party, and the contributions each party made to the marriage (such as raising children or supporting the other party’s career).
When dividing property, the court will first determine what is considered “marital property.” Marital property is any property acquired during the marriage, including things like the marital home, cars, furniture, bank accounts, and investments. On the other hand, “separate property” is property owned by one party before the marriage or inherited or gifted to one party during the marriage. Separate property is not subject to division by the court.
Once the court has determined what property is considered marital property, they will divide it in a fair and equitable way. This can include awarding a specific asset to one party, such as the marital home, or dividing assets and debts in a particular percentage.
It’s important to note that the court can sometimes have to divide property equally. They will take into account the specific circumstances of the marriage, including the earning power of each party, their future earning potential, and their ability to support themselves after the divorce.
In some cases, the parties may be able to agree on property division on their own through mediation or negotiation. In these cases, the court will review the deal to ensure it is fair and reasonable before approving it.
Property division in a divorce in New York can be a complex process. The court uses the principle of equitable distribution, meaning the property will be divided fairly and honestly. The court will consider the length of the marriage, the income and property of each party, and the contributions each party made to the marriage in determining how to divide the property. However, the parties may be able to agree on property division through mediation or negotiation. The court will review the agreement to ensure it is fair and reasonable before approving it.