If you are ending your marriage, one of your biggest concerns may be dividing the marital assets in a New York Divorce. New York divorce law is complicated, and you likely have many questions about how your assets may be divided. Below, we answer some of the most common questions we get about the division of marital property in New York.

For more information, call our office today to speak with a Western New York divorce attorney.

How Does New York Divide Assets in a Divorce?

New York is an “equitable distribution” state. This means that if you and your spouse are unable to agree on how to divide your marital assets, a court will decide for you based on the law and case precedent. When the court decides, it will divide them in a way that the court believes is “fair and equitable,” which is not necessarily 50-50. However, there is a presumption that everything acquired during a marriage is marital and divided 50-50.

How Does the Court Decide What is “Fair and Equitable under New York Law?

Courts determine an equitable division of marital property by weighing several different factors. The factors include:

  • Each spouse’s income and property at the time of the marriage and at the time of the divorce and if the property has been “co-mingled.”
  • The separate property each spouse may have had before the marriage
  • Each spouse has a right to share in pension benefits and the income that is produced
  • Spousal support that the court may award
  • Each spouse’s contribution to the marital and separate property
  • The liquidity of the marital property
  • The likely future financial situation of each party
  • The valuation of a business and how to divide it -requires the expert testimony of a forensic accountant to evaluate and report to the court in most cases
  • The tax consequences to each party
  • Whether there has been a wasteful dissipation of marital assets.
  • Whether either party got rid of or transferred marital assets in anticipation of the divorce

In addition, the court may consider any other factor it finds to be relevant to the determination of what is “fair and equitable”. As a result, judges have significant discretion in making determinations about the way assets are divided. The best way to protect your assets and your financial future is to retain an experienced divorce attorney.

Call Us Today to Speak with a Buffalo, New York, Divorce Lawyer.

If you are going through a divorce or think one might be on the horizon, contact Venzon Law Firm today.

Since 1984, our experienced team has been providing solution-oriented legal representation and counsel to individuals with issues related to matrimonial and family law. To schedule a case evaluation with a member of our team, call our office today or contact us online to begin your happily ever after.