What Should You Know About Equitable Property Division in New York?
The term “equitable distribution” refers to a system of property division in which the court divides marital property in a fair, equitable manner—not necessarily one that is equal. Some of the considerations the court will take into account include:
- The length of the marriage
- The age and health of each spouse
- The amount of money each spouse earns
- The income and property each spouse brought into the marriage
- Child custody arrangements and who, if anyone, will maintain the family home
- Benefits such as pensions, health insurance, inheritances and retirement accounts that each spouse has or may potentially lose as a result of the divorce
- Whether there has been any alimony awarded in the case
- The future earning capacity of each spouse and the potential need for any retraining or additional education to increase that earning capacity
- Tax consequences of the divorce for each spouse
- Whether either spouse transferred marital property without permission or attempted to conceal assets
All marital property is subject to the process of equitable distribution. The term “marital property” refers to any property accrued during the marriage and thus owned by both spouses, with exceptions for things like gifts or inheritances. Any property either spouse owned before the marriage should be considered separate property and thus is not subject to the property division process.
For more information about the equitable distribution method of property division during a divorce, contact an experienced Long Island divorce lawyer at Bryan L. Salamone & Associates.