How Does New York Law Impact Property Division?
When a couple enters a divorce in New York, state law requires that all property and debts get divided in a way that’s fair to both parties. To determine what is fair (or equitable) when it comes to the legal distribution of property, the court takes several factors into consideration.
With the help of attorneys, members of a couple can negotiate which pieces of property they would like to retain, and which assets can be divided through compromise. Should the couple reach a stalemate and be unable to agree on the division of property, they may call upon the court to assist with reaching a settlement.
When the couple asks the court to weigh in on matters related to property, a judge will assess what both spouses brought to the relationship and the ability that each individual has for financial success on their own. Following, the property will be divided as the judge sees fit. It is important to understand that equitable division does not guarantee equal division of property, but rather a fair distribution of assets.
Important factors in property division
Any type of property may be divided as a result of a divorce, as long as it is considered to be martial property and not the asset of the individual. If either spouse entered into the marriage with property, they typically are entitled to ownership of those items after the divorce is finalized.
Marital property that is shared by the couple or was gained during the course of the marriage is subject to New York equitable division laws, and can include assets like real estate, income, retirement benefits, investments and debts. When a couple seeks the help of the court to determine the distribution of marital property, factors such as the duration of the relationship and spouses’ earning potential, health and income are taken into consideration to determine a fair division.
If you would like to learn more about how your property and assets may be affected in divorce negotiations, consult the skilled Long Island family law attorneys at Bryan L. Salamone & Associates.