How Is Property Divided In New York?
Property division is one of the most complicated aspects of any divorce. Here, Law Offices of Joseph S. Hubicki will answer a few common questions about how couples in New York must divide property in a divorce.
What Factors Does The Court Consider In Equitable Distribution?
In an action for divorce in New York, the court may order any part of the marital property be divided between the spouses. This is referred to as equitable distribution of marital property. The court must consider a number of factors in determining how to divide the marital property, such as:
- Each spouse’s income and property when they married and when they filed for divorce
- The duration of the marriage
- The pension, health insurance and inheritance rights either spouse will lose as a result of the divorce
- Whether the court has awarded spousal maintenance
- The future financial circumstances of each spouse
- If the marital property includes a component or interest in a business, corporation or profession
- The tax consequences to each spouse
- Whether either spouse has wastefully dissipated marital assets
What Property Will I Have To Divide?
The court divides only marital property, which includes all property acquired during the marriage, regardless of the title. Marital property may encompass:
- Each spouse’s income during marriage
- The property they purchased while married (such as a house or car)
- The retirement benefits each spouse earned during marriage
Each spouse gets to keep his or her own separate property, except to the extent that the other spouse has contributed to its increase in value. Separate property includes:
- Property either spouse acquired before marriage
- Property either spouse received individually as an inheritance or gift
- Compensation for personal injuries to either spouse
- Property characterized as separate property in a prenuptial agreement
Is A Business Or Professional Practice Subject To Equitable Distribution?
Yes. Businesses, professional practices and enhanced earning capacity attributable to the attainment of a career, professional license, educational degree, profession or license is considered “property” subject to equitable distribution.
Ask A Lawyer How Divorce Will Affect Your Property
The family law attorneys at Law Offices of Joseph S. Hubicki can help you determine what will happen to your assets in your divorce. Schedule a consultation with our law offices in New York City or Westport by calling 203-557-0633 or by sending an email.