Equitable Distribution
Equitable Distribution
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What Is Equitable Distribution in New York?
New York is an equitable distribution state. This means that during a divorce, property division is handled in a way deemed “most fair” to both sides. It does not mean that all property will be split 50/50 between spouses. The court takes into account factors regarding the marriage and contributions of each party. The courts have considerable latitude in deciding who gets which assets.
Beth A. Rosenthal, P.C. has over 25 years' experience handling the complex family law issues involved in property division. She will carefully review the facts of your case, create a comprehensive strategy for getting you the fairest share of assets, and explain the process clearly as you go through this difficult time. She believes in working with the other party's attorney in order to get you the best results possible but is also very aggressive when they are not willing to be fair and THAT is important! Contact Beth A. Rosenthal, P.C. today.
How Is Property Divided in a New York Divorce?
To ensure your assets are divided fairly, it’s necessary to have a proper valuation. It will also be necessary to determine which assets, if any, were owned by one party prior to the marriage. These are both considerable factors. Assets can include vehicles, homes, jewelry, antiques, art, businesses, retirement accounts, and investment accounts.
During the equitable distribution phase of your divorce, the court will also look at:
- The overall length of the couple’s marriage
- The income and property of each spouse
- The non-financial contributions of each spouse
- The age, health, and earning capacity of both spouses
- Whether or not spousal support was awarded
- The wishes of both spouses regarding certain assets
- The liquid and non-liquid nature of the property involved
- Any wasteful dissipation of assets prior to divorce
Common Law Distribution vs. Equitable Distribution
Prior to becoming an equitable distribution state, New York was a common law property state. This meant that a couple’s property was distributed according to the manner in which title was held, i.e., if only your name appeared on the title of your house, you would then keep it after a divorce; however, this has since changed. Now the court must divide a couple’s assets as equitably and fairly as possible. That being said, this still doesn’t mean that there will be a 50/50 split.
What Property Is Subject to Equitable Distribution?
Under New York’s equitable distribution laws, only your “marital property” will be divided during a divorce. This means that you and your spouse will get to keep any separate property that was brought into the marriage. In the state of New York, “separate property” can include any assets that were:
- Acquired by one spouse prior to the marriage
- Received by one spouse as an inheritance or gift
- Acquired as compensation for a personal injury
- Characterized as such in a prenuptial agreement
Marital property includes any assets that were acquired during the marriage, regardless of who holds the title. With few exceptions, this may include both spouses’ income, purchases made with that income, and retirement benefits.
Let Beth Rosenthal guide you through the process. An individual who’s getting divorced needs experienced legal counsel to not only sort through all of the details of the different assets and their potential values but also to present one's case in a way that brings to that person the most beneficial and fairest asset distribution. If you’re facing a divorce, it’s imperative that you contact a seasoned New York divorce attorney right away because doing so will maximize your chances of receiving the best possible outcome in your case. After helping numerous clients achieve a successful resolution to their divorce, Beth A. Rosenthal, P.C. is beyond experienced and best suited to help you pursue the outcome you deserve!
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Beth A. Rosenthal, P.C.
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