During a divorce in New York, property will be equitably divided with the aim of equal division of property. Under the state’s divorce laws, the equitable division of property is fair and must take into account both parties separate contributions during the marriage and what both parties might require after the divorce.
Considerations for Property Division in New York
Property types typically divided during divorce include real property such as the marital home, intangible property including income, debts, and benefits, and personal property including jewelry. The court first has to determine which properties are separate or marital, and designate responsibility or ownership to items so that they can be divided according to predetermined factors to ensure the best possible, equitable result before they start dividing property.
The Law Offices of Ian S. Mednick says factors include how long the marriage lasted, as well as parties’ income, separate properties, overall health, age, future earnings or financial conditions. The court will likewise factor in the contribution of both spouses to purchasing the marital property. Note that the court will consider the homemaker’s efforts as equal to monetary input. The spouse who has child custody will usually be given the marital home, or the right to stay in the home while the children is still in their care.
The court will also consider potential losses during the divorce, including health benefits, pension, or inheritance interests, as well as potential losses with regards to tax implications. It is important to note that some properties are more difficult to divide than others. In cases like this, the court usually orders to even out the difference through a distributive award payment.
In addition, while the court won’t consider fault in the failed marriage as a factor during property division, they can order a lesser amount to a spouse if the spouse have been found to misuse marital assets, including spending money on a lover. Know that you also shouldn’t transfer or sell property when you’re anticipating the divorce because you could be penalized for doing so.
Getting Legal Representation
Because of the many factors that come into play during property division and the complexity of the laws that govern it, it’s advised that you get help from a Suffolk County divorce lawyer to ensure that you get what’s rightfully yours.