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A divorce covers many issues, including child custody, spousal support, and more. One of the most contentious topics during a divorce is property and asset division. Get the facts on how property is divided in a New York divorce.
Equitable Distribution State
New York is an “equitable distribution” state, which means that when filing for divorce, property division will be handled in a way deemed “most fair” to both parties. This does not mean that assets will be divided evenly between the spouses.
The courts have considerable power in determining who gets what in the aftermath of a divorce. During the equitable distribution phase of a divorce, the courts consider:
The overall length of the couple’s marriage
The income and property of each spouse
The non-financial contributions of each spouse
The age, health, and earning capacity of both spouses
Whether or not spousal support was awarded
The wishes of both spouses regarding certain assets
The liquid and non-liquid nature of the property involved
Any wasteful dissipation of assets prior to the divorce
It’s important to note that not all property is subject to division in a divorce. This kind of “separate property” includes any assets that were:
Acquired by one spouse before the marriage
Received by one spouse as an inheritance or gift
Acquired as compensation for a personal injury
Characterized as such in a prenuptial agreement
A prenuptial agreement comes in handy in the event of a contentious divorce. When spouses take the time to clearly define the equitable distribution of wealth accumulated during the marriage or possessed before the marriage, any divorce proceedings that occur become far simpler.
For help executing a prenuptial agreement or with any other family law matters, contact Eiges & Orgel, PLLC at (347) 848-1850 for a consultation today.