When couples decide to end their marriage, they must determine how to divide their property. The division of assets is one of the most contentious issues couples face when divorcing, especially when spouses feel entitled to certain assets. If you are facing a contested divorce and property distribution is an unresolved issue, you may wonder whether your property will be divided equally. Understanding how New York’s divorce laws address property distribution is essential. Please continue reading to learn how assets are split during a New York divorce and how a knowledgeable Suffolk County Marital Property Attorney can protect your interests during this complex legal process.
What’s the Difference Between Martial and Separate Property?
For a court to divide property, it must first establish the difference between a couple’s marital and separate property. The distinction between marital and separate property is crucial as marital property is disbursed between the spouses in divorce, while each spouse is typically entitled to keep their property. Essentially, separate property is not subject to distribution during a divorce.
Under New York law, marital property includes any assets spouses acquired during the marriage. This can consist of joint bank accounts, homes, motor vehicles, retirement plans from contributions made during the marriage, a portion of a business that either spouse started during the marriage, gifts between spouses, etc.
Separate property, however, is any assets spouses acquired before the marriage. This includes inheritances or gifts from someone other than your spouse, compensation from settlements, property dictated as separate in a written agreement, etc. It’s important to note that if you have separate assets, they will remain yours if they have not been co-mingled with joint assets during the marriage. If separate property is co-mingled, they will change into marital property and be subject to distribution during a divorce.
Are Assets Split Evenly in a New York Divorce?
While many assume that assets are split evenly during a divorce, this is not the case in New York. Divorce laws are governed by the principle of equitable distribution. New York is not a community property state. This means that judges will distribute a couple’s assets based on what’s fair under the unique circumstances of their case. Essentially, fairness doesn’t necessarily translate to a 50/50 split. During your divorce, marital assets will be divided fairly and equitably, but not necessarily equally. A judge will base the decision on each spouse’s contributions to the marriage.
At the Law Offices of Susan A. Kassel, P.C., our Suffolk County divorce attorneys are prepared to help you navigate the complexities of this process and fight for the best possible outcome. Please don’t hesitate to contact our legal team today to learn more about how we can assist you.
