Dividing Property in a Divorce
When you begin the process of divorce, there is a lot to worry about. We can help you understand the process of dividing property in a divorce. We are here to help.
Marital and Separate Non-Marital Property
According to New York State law, marital assets are divided in a manner that is equitable, but not necessarily equal. Typically, any property acquired before the marriage is considered separate property, and any property acquired during the marriage is subject to equitable distribution unless it can be show to have be acquired by use of assets that existed prior to the marriage, or are a result of a gift or inheritance during the marriage.
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Below are the types of properties that are exempt from the distribution process:
- Property you receive from a spouse after a judgment of legal separation.
- Anything received by gift, legacy or descent.
- Property owned by you or your spouse before the marriage.
- Any judgment or property awarded to a spouse from the other spouse.
- Property specifically excluded by a prenuptial or post nuptial agreement by you and your spouse.
- Personal Injury Awards and Workman Compensation/Disability Settlements may, in part, not be considered to be subject to equitable distribution
However, non-marital property can become subject to equitable distribution if it is co-mingled with marital property. Because of the many nuances involved in determining equitable distribution in New York, it is imperative you retain a skilled Divorce Attorney. Attorney Randy H. Gugino has over 30 years of experience and can help you navigate this often complex facet of your case, and ensure your best interests are protected.
How the Court Determines the Division of Marital Property
If your divorce is contested, and you and your spouse cannot agree on how to divide your property, the court will decide for you.
Below are the factors the court looks at when distributing marital property:
- The duration of the marriage.
- The age, health, occupation, amount and sources of income, vocational skills, marketable skills, estate, liabilities and needs of each spouse.
- Whether either spouse has contributed to the property or family unit as a homemaker.
- How each spouse contributed to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property.
- Whether either spouse has squandered marital assets.
- The value of the property assigned to each spouse.
- The financial circumstances of each spouse.
- Any obligation and rights arising from a prior marriage of either spouse.
- The tax consequences to each spouse.
- Whether there are children and what their custodial needs may be.
- The reasonable opportunity of each spouse for future acquisition of capital assets and income.
We can help you with dividing property in a divorce. When you are ready to start this process, please call us and set up a consultation.