One of the toughest parts of your divorce will likely be the division of your marital property. You and your spouse may have built up a fair share of assets during your marriage, and you may disagree on how to split them. Furthermore, you might fear that you will not receive your fair share. But by understanding New York’s property division laws, you can know what you are entitled to.
Understanding New York’s laws
New York is an equitable distribution state. This means that any assets you and your spouse acquired during your marriage will be divided equitably. Equitable usually means 50/50 unless certain circumstances apply.
When dividing your assets in a divorce, New York courts consider a variety of factors in determining your share. These may include:
- Whether you or your spouse dissipated marital assets in anticipation of your divorce or during proceedings
- Whether you or your spouse will face tax consequences for receiving certain assets
Not all assets you acquired during your marriage will face equal division during divorce proceedings. If you received an inheritance, owned the property or asset prior to marriage or received personal injury benefits while married, these may remain separate property. The exception to premarital property or assets is if you commingled these with your marital property.
You may fear that property division will leave you high and dry. But New York’s equitable distribution laws attempt to assist in the equitable division of all assets. A matrimonial and family law attorney can help you work toward a settlement that allows you to live happily ever after.