How to Address the Division of Marital Property in a New York Divorce
When a couple begins the divorce process, one primary concern is what happens to all of the assets they share. This may include the family home and its furnishings, bank accounts, retirement savings, investments, and automobiles.
When getting a divorce in New York, a couple’s marital property is divided according to the concept of equitable distribution. This means the assets a couple accumulated during their marriage are divided fairly, but not necessarily equally. There are numerous factors considered when determining who gets what once the divorce is finalized.
What Is Considered Marital Property?
Only property purchased or received while a couple is married is divided between spouses during divorce. Accounts and items possessed prior to the marriage are considered separate property that will stay with their original owner, as do any inheritances, gifts, or personal injury compensation presented solely to one spouse during the marriage. Debts accrued while a couple is married are also considered marital property, so mortgages, loans, and credit card bills are subject to division.
What Is Equitable Distribution?
This principle is designed to maintain the general standard of living of both parties, which is not guaranteed with a 50/50 split. Along with other factors, to determine what is fair, the court may consider:
- The income and property of both parties prior to marriage and at the beginning of divorce proceedings.
- How long the marriage lasted and the age and health of the parties.
- Whether the custodial parent needs the marital residence and its contents for parental duties.
- Any spousal maintenance award that will be paid.
- Any loss of health insurance, inheritance, or pension rights upon divorce.
- The likely financial situation of each party after divorce.
- Tax consequences for each party.
- The wasteful use of assets by either spouse.
Property division decisions can be made through divorce mediation or in a collaborative divorce setting through spouses’ respective attorneys. If a couple is unable to come to an agreement through joint negotiation, the division of property will be decided in court via divorce litigation.
Contact a New York City Property Division Lawyer
When your financial future is at stake, you require skilled and aggressive legal representation. To ensure stability in your post-divorce life, contact the adept attorneys at Goldberg Sager & Associates. We will fight for what is in your best interests and help you get the divorce agreement you desire. Contact a Brooklyn, NY divorce attorney today at 718-514-9516 for a free consultation.