New York law operates under an equitable distribution model in regard to dividing assets during a divorce. This typically means that each spouse will receive an equal amount, though under some circumstances, there may be disparities between an equal distribution and a distribution that the court believes is fair.
If you are considering divorcing your spouse, you will likely have many questions about which property will be included under New York’s equitable distribution laws, as well as how to protect your interests throughout the process. Queens divorce attorney Elliot Green can assist you throughout your divorce. He can evaluate your assets to establish which the courts may divide equitably between you and your spouse.
At Elliot Green Law Offices, we can help you avoid making mistakes that could compromise your interests. Call us today at 718-260-8668 to schedule an appointment. We offer a free 30-minute initial consultation to all potential clients, and we are available 24 hours per day.
If you are going through a divorce, this is what you can expect from the property division process:
Marital Property in New York
According to New York Courts, marital property is any property that the plaintiff obtained after marrying his or her spouse. The property remains marital property even if it names one spouse as the specific owner.
Marital property does not only refer to residential or physical property. It includes items such as houses, cars, bank accounts and investments.
Marital property also includes the income that each spouse earned during the time of their marriage, as well as other benefits like pensions and bonuses. The courts will not divide all property at the time of divorce, though, and there are certain items that a judge will consider separate.
Separate Property in New York
New York Courts will not divide property that they consider separate. Separate property is usually property that either spouse had before the marriage.
Furthermore, gifts and inheritances are also separate. The court will not divide any funds for injury compensation that either spouse received even if it was during the course of the marriage.
A business is still subject to equitable distribution, though, and a court will take the nature of the business into account, as well as how easy it may be to split the operation between the spouses. Under certain circumstances, the court will award the business in whole to one spouse and make up the difference to the other spouse with leftover assets.
A prenuptial agreement is important during this stage of the proceedings. The court will refer to the prenuptial agreement or any other preexisting official contract to determine if you and your spouse excluded certain property or assets from the marriage.
Even if you think your divorce will be conflict-free, it could be beneficial to speak with an experienced Staten Island family lawyer. Call Elliot Green Law Offices today at 718-260-8668 to schedule an appointment.
