Property Division Processes in New York Divorces
In the state of New York (as in most other states), all marital property is subject to equitable distribution during divorce proceedings. Marital property is defined as any type of property acquired during the marriage, not including any property acquired by gift or inheritance during that time period.
Common examples of marital property include real estate, bank accounts, pensions, businesses interests and professional licenses, as well as more tangible property like cars, boats and other possessions jointly owned by the couple.
The first step of any property division process in New York is to classify all property owned by the couple as marital or non-marital property. Once all marital property is itemized and then evaluated for worth, the court will begin the process of making an equitable distribution of that property. During that process, the court will consider factors such as:
- The income of both parties during the marriage and at the time of the separation and divorce filing, as well as the likely future financial situation for each party following the divorce and the tax consequences for each party
- The duration of the marriage, as well as the age and health of both spouses
- The need of either custodial parent to occupy or own their marital residents and other items in the household
- Whether marital property in question is liquid or non-liquid
- Loss of inheritance or pension rights
- Any transfers of property that may have occurred below market value in one party’s anticipation of a divorce, as well as any wasteful dissipation of any of the marital assets by either spouse
The property division process can be very complex, and it’s important that you protect your rights and best interests. If you need dependable representation, speak with a knowledgeable Long Island divorce lawyer at Bryan L. Salamone & Associates.