Understanding Marital Property Division in New York State Divorces
The distribution of marital property is one of the most crucial topics to be settled in a divorce. Equitable distribution guidelines are used in New York State to share marital assets. This implies that the court will divide the property fairly and equitably, though not necessarily equally.
Factors Considered in Property Division | new york state divorce laws marital property
When determining how to split marital property, New York courts consider several variables. Among the crucial elements are:
- The Length of the Marriage
The length of the marriage will have a significant role in how the marital estate is divided. The likelihood that the court will allocate the property evenly increases with the length of the marriage. This is so that both spouses will be appropriately compensated for their contributions to the marriage, which the court will consider as a long-term partnership and will want to ensure.
However, if the other partner contributed essential factors to the marriage, like raising kids or caring for a disabled spouse, the court may still give that spouse a larger share of the property. For instance, if one spouse raised children at home for the entire marriage, the court might give them a more significant portion of the assets because they contributed significantly non-financially to the union.
- The Potential Earning and Income of Each Spouse
Another significant issue is each spouse’s salary and future earning potential. A lesser share of the property may be given to the spouse with a more substantial income or earning potential because they will be more capable of rebuilding their lives after the divorce.
For instance, if one spouse makes $100,000 yearly while the other makes $50,000, the $100,000 earner might be given a lower portion of the property.
- The Health and Age of Both Spouses
When dividing the marital estate, the court also considers each spouse’s age and health. The spouse who is older or in worse health may obtain a larger share of the property from the court since they may require it for themselves in the future.
For instance, the court might give one spouse a larger share of the property if they are 65 years old and in poor health since they might be unable to find jobs or care for themselves after the divorce.
- Each Spouse’s Present and Future Financial Needs
The court also considers each spouse’s present and foreseeable financial demands. The spouse who requires more financial support, such as alimony or child support, may be given a more substantial portion of the property.
For instance, if one partner has primary custody of the children but doesn’t work, the court can give them a more substantial share of the assets as they will be responsible for providing for them.
- Custody Arrangements for Any Children
The court also takes child custody arrangements into account. Given that they will need the assets to support the children, the spouse granted sole custody may be issued a more significant share of the assets.
For instance, the court might give the spouse with primary control of the children a higher share of the property than the spouse with visitation rights.
- Tax Consequences
The court also considers the tax implications of property distribution. If providing a better tax outcome for one spouse, the court may grant that spouse a larger portion of the property.
For instance, the court may give one spouse a reduced share of the property if they owe a significant amount in capital gains taxes because doing so will lower their tax burden.
Marital Property Division in New York State: A Practical Guide
The fundamentals of dividing new york state divorce laws marital property have been covered. Here, we’ll provide a step-by-step strategy for dividing marital assets in a divorce.
Step 1: Gather Your Information
Gathering all your knowledge about your marital assets is the first step. This includes:
- A list of all your possessions, including personal belongings, real estate, financial accounts, investments, and retirement plans.
- A list of all your debts, such as credit card debt, mortgage debt, and student loan debt.
- Any records about your property, including titles, deeds, and loan agreements.
- Any documents about your debts, including collection letters, loan agreements, and credit card statements.
Step 2: Classify Your Property
Once you have compiled all your data, you must classify your property. This will make it easier to distinguish between separate and marital property. Any asset a couple obtains during the marriage is considered marital property, regardless of who purchased it. This includes assets acquired with separate funds and assets passed down through inheritance or gifted to one spouse.
Assets owned by one partner before the marriage or given to or inherited by one spouse during the relationship are referred to as separate property. Individual property is not divisible in a divorce.
Step 3: Evaluate Your Property
After categorizing your items, you must assess them. This entails figuring out how much each piece of property is worth.
Variables such as market value, property age, condition, and demand level might affect the value of a piece of property.
Step 4: Negotiate a Property Settlement Agreement
Negotiating a property settlement agreement with your spouse is the proper approach to sharing your marital possessions. A property settlement agreement is a document that specifies the details of how marital property will be divided.
A property settlement agreement may be negotiated by the spouses alone, with the assistance of a mediator, or with the help of attorneys.
Step 5: File a Divorce Petition
Once you and your spouse understand how to divide the family’s assets, you must submit a divorce petition to the court. The divorce petition must include the following details:
- The date of the marriage
- The separation date
- Names of any children born to the couple
- The terms of the property division in the marriage
Step 6: Attend a Marital Settlement Conference
After filing a divorce petition, you and your spouse need to attend a marital settlement conference. This conference is held to resolve all issues in the separation, including the distribution of marital property.
If you cannot agree on the division of new york state divorce laws marital property during the settlement conference, the matter will move to trial. The court will then determine how to divide marital property based on the law and evidence presented during the trial.
The division of marital property is a complex matter that can be emotionally and financially challenging. It’s crucial to review your options for dividing marital property with a knowledgeable attorney. If you are going through a divorce in New York, schedule a consultation with our experienced divorce lawyers at The Law Offices Of SRIS.P.C. Our attorneys can represent you in court, if necessary, and assist you in understanding the law and your rights.