FREE CONSULTATIONS & WE'RE AVAILABLE 24/7

NYC Property Division/Equitable Distribution Lawyers

New York is an equitable distribution state. In New York City, if you are involved in divorce, the court will divide the marital assets in a fair manner. This does not mean that the division will be an exact 50/50 split between the two spouses, but the court will look at all financial and material assets including all the facts and elements of the marriage in order to ensure it is as fair for both parties as possible.

The court will look at factors such as the following before determining the disposition of marital property and assets:

  • Length of the marriage
  • Children from the marriage
  • Health and age of both spouses
  • Earning ability of each spouse
  • Contributions to the marriage
  • Needs of each party
  • Needs of any children involved
  • The nature of all property

Only the marital property and assets will be divided. Each spouse may have separate property that is not included in the decision and distribution. Whatever was earned during the marriage can be considered with few exceptions. A lawyer can advise what is and isn’t considered marital property in your individual case, however, usually whatever the spouse acquired before the marriage, is not considered part of the marital property.

Retirement income can be considered marital property if the retirement funds are derived from income made during the marriage. Any property purchased during the marriage just as insurance policies and debt acquired are marital property. Separate property that won’t be considered for division includes some of the following:

  • Inheritance or Gifts (not given by spouse)
  • Property acquired before the marriage
  • Any item listed as separate within a prenuptial agreement or other written contract
  • Compensation for personal injuries

There can be comingling of separate property in the marriage which can then be considered marital property such as if one spouse places money from an inheritance they received before the marriage into a joint bank account.

By law, both spouses are required to disclose their financial property. Sworn statements of net worth are required along with the most recent federal income tax return for full disclosure. If either spouse does not comply with the law on this matter, the court can impose fines and sanctions on the offending party.

A New York City court will usually follow these steps during the division of marital property: decide whether each asset is marital property or separate property, assign a value to all of the marital property, distribute the assets. The court may issue a one-time settlement or a distribution over a period of years.

In the last few decades, people have waited longer to marry, which means each partner brings not only personal wealth to the marriage but debt. What happens to debt in the event of a divorce? Will you be responsible for the frivolous spending of your spouse who incurs major debt? Each divorce case is different, with different elements that are unique to that marriage, and there may be extenuating circumstances affecting the outcome, however, the following is recognized by law in regards to who is responsible for debt:

Individual Account: The party who opened the account with their name, income and credit history whether married or single is responsible for the debt.

Joint Account: This account holds that both parties are responsible for the debt incurred because both incomes and credit histories were used to open the account.

Account Users: Sometimes an “authorized user” can be placed on an account. This is done strictly for convenience. For example, one spouse has opened an individual account but wants the other spouse to be able to use the credit card associated with the account. Although credit bureaus will report the names of both parties who have access to the credit, only the spouse who opened the individual account is responsible for the debt.

Pension plans, 401K’s and other retirement plans are all considered marital property. Whatever portion earned in these plans while you were married will be considered and divided. Even some instances of separate property can be considered marital assets even if they are not comingled. For example, if the value of your individual property increased due to your spouse.

The fair and equitable distribution of marital property and assets can be complicated, stressful, and might leave one or both parties resentful or dissatisfied. Having a lawyer who can work with you to navigate the complex nature of equitable distribution of marital property can lower the very stressful nature of divorce.

Request Free Consultation

Testimonials

Request Free Consultation

Please fill out the form below to receive a free consultation, we will respond to your inquiry within 24-hours guaranteed.

Manhattan

85 Broad Street, 30th Floor
New York, NY 10005

Queens

35-37 36th St,
Astoria, NY 11106

Brooklyn

195 Montague St.
14th Floor,
Brooklyn, NY 11201

Manhattan

85 Broad Street, 30th Floor
New York, NY 10005

Phone

888-977-6335

Queens

35-37 36th St,
Astoria, NY 11106

Phone

888-977-6335

Brooklyn

195 Montague St.
14th Floor,
Brooklyn, NY 11201

Phone

888-977-6335