Divorce and Property Division in New York
Going through a divorce can be emotionally draining, but if a couple can’t save their marriage, it might be necessary. Property division is a big part of any divorce. If you’re in New York, it’s important to know the laws and how division of property is handled when you and your spouse are divorcing.
What are the Laws for Property Division in New York Divorce?
New York is an equitable distribution state, which means that if a married couple gets divorced, property is usually equally distributed. However, some property owned by each spouse may be considered separate property, while other property is considered to be jointly owned.
Marital property is the only property divided during a New York divorce. Your Brooklyn divorce attorney can ensure that only the property you and your spouse acquired during your marriage is split as part of the divorce settlement.
Who Gets What?
Under the state laws, only certain property can be divided among divorcing spouses. A Brooklyn family lawyer from the Levitsky Law Firm can help you protect your separate property. However, the following property is subject to division:
- The income earned by either spouse during the marriage
- Property purchased by either spouse
- Property purchased by both spouses jointly
- Retirement benefits earned by each spouse during the marriage
- Appreciation of property owned by the couple during the marriage
What is Divided?
Generally, marital property gets divided during a divorce. In addition to the things mentioned above that are subject to property division, divorcing spouses also split marital debt. Depending on the type of debt, it doesn’t matter if only one person accrued it as debt becomes the responsibility of both parties during the course of a marriage.
Vehicles, real property, personal property, bank accounts, retirement accounts, cash, securities and pensions can all be divided during a divorce if they were acquired during the marriage. Even a business can be divided if both spouses started it together or ran it together. However, in that case, it’s only the value that’s split. Additionally, if one spouse helped to support the other while they obtained a license, certificate or degree, the court will consider that when dividing property.
Are There Factors That Help Determine Property Division?
Certain factors can determine how property is divided during a divorce. The income of both spouses during the course of the marriage, the length of the marriage and each party’s age, health, income and potential earning capacity are all considered when property is divided. The court will also look at how each spouse contributed to the household and tended to the children if there are any within the marriage.
How Your Attorney Can Help
Your Brooklyn property division attorneys can ensure that property division is done fairly during your divorce. They will also help you protect your separate property and assets throughout the process.
If you need a good New York divorce attorney, contact the Levitsky Law Firm at your earliest convenience.