If you are getting divorced in New York, a court will divide your marital property using the rule of equitable division. That does not mean a 50/50 split, but rather what a judge considers fair.
To understand what’s likely to happen with the division of property in your divorce, you need to understand the difference between marital property and separate property. Under New York law they are classified as follows:
- Separate property is that which you owned before your marriage, or someone gave you or left to you while you were married. If you received compensation for personal injury, any funds not related to loss of earnings would also be yours alone.
- Marital property includes things you purchased while married and any gifts you gave to each other. It also includes most of the finances acquired during the marriage, be it cash, investments, pensions or retirement funds.
Some assets can be harder to define. For instance, when you bring the property into marriage and your spouse makes improvements that increase its value, they may claim a share of the increase.
Once you have distinguished marital and separate property, a judge needs to decide what is equitable (unless the couple can come to an agreement on their own). They will base their decision on several factors, including:
- Your respective incomes before marriage and when divorcing
- Your ages and the length of the marriage
- Any children and how you settle custody
- Any payments scheduled from one spouse to the other
There are various ways to handle a divorce. Litigation may work well for you. However, it is often better to choose alternative dispute resolutions, such as divorce, through collaborative law or mediation. An attorney with years of experience in all three forms can help you choose the best option for your family.
