Every state has different laws regarding property division and marriage dissolution. In New York, when getting a divorce, property is subject to equitable division laws. This means that each spouse should be able to walk away from the marriage with a fair share of marital assets and anything he or she personally brought to the table before the marriage was made official.
Now, equitable distribution does not necessarily mean that everything will be cut down the middle and evenly divided. It simply means that each spouse will be granted assets of equal value. For example, if one spouse is given the marital home or other real estate in a divorce settlement, the other spouse may be granted the same value in monetary or other assets. The goal is simply to make the division of property fair for both parties.
There are several factors that are considered by the court before assets are distributed. These include the age of both spouses, income levels, domestic requirements and future financial needs — among various others. This information, along with a detailed list of all marital and personal assets will be needed in order for a judge to determine that a final settlement is indeed fair.
Getting through the property division phase of a divorce can be difficult. There are some couples who may be able to negotiate acceptable terms without the need for litigation, but there are others who may require more assistance in achieving settlements that meet the state’s equitable divisions laws. In either case, a New York divorce attorney can help couples negotiate or litigate settlements that are in their best interests.
Source: FindLaw, “New York Marital Property Laws”, Accessed on May 19, 2016