How Do We Distribute Property in a Divorce in New York State?

In New York, property is divided equitably during a divorce. There are two types of property: marital property and separate property. Marital property is anything that was acquired by either or both parties during the marriage. However, this does not necessarily mean the judge will equally split the assets. Here are just a few of the things a judge considers when preparing for equitable distribution:

• Each spouse’s income and property during marriage through filing their divorce
• Duration of the marriage
• Each spouse’s health and age
• Whether alimony was awarded
• The liquid or non-liquid character of all marital property
• If the marital property includes a business

Separate property is not distributed or divided when a couple divorces. Each spouse is able to keep their own separate property. Separate property includes:

• Property acquired before marriage
• Property acquired from the proceeds or appreciation in value of separate property
• Property received individually as inheritance or gift
• Compensation for personal injuries
• Property characterized as separate in a valid prenuptial agreement

For additional information on dividing property in New York, contact one of our Garden city attorneys today.