When couples decide to end their marriage, the division of marital property can be one of the most significant sources of conflict, especially when both parties feel entitled to certain assets. If you and your spouse cannot reach an agreement outside of court, a judge will have to intervene and issue a decision. As such, it’s crucial to understand how New York divorce law addresses the division of property and allocation of debts. Please continue reading to learn how assets are split during a New York divorce and how an adept Nassau County Property Distribution Lawyer can protect you during this complex legal process.
What’s the Difference Between Martial and Separate Property?
Before the court can decide how to split a couple’s property, they must first distinguish marital property from separate property. This is crucial because marital property is distributed between the spouses in divorce, while each spouse typically gets to keep their oeparate property. In simple terms, marital property is any asset acquired during the marriage, and separate property is any asset owned before the marriage. It’s important to note that only assets deemed marital property are subject to distribution during a New York divorce.
Moreover, it is essential to understand that there are countless examples of how separate property can mutate into marital property and assets gained during the marriage that stay separate, including personal injury awards, gifts, and inheritances. If any separate property is co-mingled with joint assets during the marriage, they will be subject to distribution.
How Are Assets Divided in a New York Divorce?
If you and your cannot agree on how to divide marital property, the court will need to intervene. Contrary to popular belief, marital assets are not split evenly during a divorce. New York is not a community property state. In a community property state, judges divide a couple’s property equally.
New York is governed by the principle of equitable distribution. This means that a judge will divide a couple’s property based on what’s fair under the unique circumstances of each case, which doesn’t necessarily mean a 50/50 split. The court will try to achieve a fair allocation of property based on each spouse’s contribution to the marriage. For instance, they will consider whether a spouse sacrificed their career to be a homemaker and care for the children while the other works. These sacrifices have value. New York courts acknowledge that spouses shouldn’t be shortchanged on property division just because their partner was the primary breadwinner.
At the Law Offices of Eyal Talassazan, P.C., we understand how complex these matters can be. If you are facing a contested divorce and property division is unresolved, please don’t hesitate to contact our legal team today, who can fight for the best possible outcome on your behalf.
