How is Division of Marital Property Handled in New York


Marital property is usually any property that is acquired from the date of marriage such as assets and debts, earned income, as well as property that is titled in both parties’ names after marriage.  Even property that is acquired after marriage and that is not titled in both parties’ names is considered marital property. 

In the event of a divorce, marital property is subject to equitable division as specified by New York state law.  To be clear, equitable division does not necessarily mean that the property is divided equally 50/50.  The best way to “opt out” of New York states statues is to have a New York Prenup attorney assist you with drafting a prenuptial agreement that details how property would be divided in the event of a divorce.

Division of Marital Property in New York

In the state of New York, the court will evaluate every asset as well as debt of the marriage against the factors that are set forth in the Domestic Relations Law Section 236 (B).  Which includes:

  1. Income and property of each party at time of marriage; and at commencement of the action
  2. Duration of parties’ marriage as well as their age and health factors
  3. The need to occupy or own the marital residence
  4. Loss of either party of inheritance & pension right upon dissolution of marriage
  5. Award of maintenance under Domestic Relations Law Section 236(B)(6)
  6. An equitable claim, interest, or any contribution made to the acquisition of marital property by the party not having title (including joint efforts, expenses, & contributions)
  7. Liquid or non-liquid character of all marital property
  8. Probable future financial circumstances of both parties
  9. Impossibility or difficulty of evaluating any interest in a business, company, and retaining such interest or asset free from any claim or interference by any other parties
  10. Tax consequences of both parties
  11. Wasteful dissipation of marital property by either property
  12. Transfer or encumbrance of marital property by either party
  13. Any other factors that the parties may find just and proper

It can be difficult to evaluate property and even more difficult to determine a fair distribution and division of marital assets and debts.

For more information on how division of marital property is handled in New York, contact Sabra Law Group today at (646) 472-7971 and schedule a discovery session right away.

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