Property Division in New York: How Much Can I Keep?

As you proceed through your divorce, you are likely worried about what state laws say about property division in New York.  Will you get to stay in your home? Will you get to keep your car? What about the property you inherited from your grandmother? Property division in New York can be a confusing process, but with proper legal counsel, you will ensure that your property rights are protected. 

The courts look at a number of factors to ensure that property is equitably divided between the parties.  This does not necessarily mean that everything is divided equally.  Rather, the courts look at what constitutes a fair division of property.

The courts first must determine what is marital property and what is non-marital property.  Non-marital property are assets that you created prior to marriage, assets that you were gifted or that you inherited.  Though in some cases these assets may be deemed marital property, in most cases, they are non-marital.  Each spouse may keep his or her own non-marital property.

Marital property is property that the parties have acquired during the marriage.  For example, if you and your spouse purchased a home together, this would be marital property.  If you really want to keep the house, what can you do?

Say that the equity in your home is valued at $200,000.  The court will determine a way for your spouse to keep property of equal value, such as vehicles, boats, savings accounts, and so on.  In many cases, the home is refinanced in one spouse’s name, and the other spouse receives his or her half of the equity.

Some of the factors New York courts examine in property division are the length of the marriage and the ages and incomes of the parties.  Using these (and several more) factors, the courts will determine how property should be divided.

For additional questions about how equitable distribution of assets and debts may apply in your situation, schedule a free consultation, contact Sabra Law Group at 646-472-7971.