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Division of Assets


Divorce can be complex and emotionally charged, especially when it comes to dividing assets. The division of assets in New York is guided by equitable distribution laws, which aim to ensure a fair and just allocation of property.

Equitable Distribution:

Under the principle of equitable distribution, marital property is not automatically split 50-50. Instead, the Court considers numerous factors in an effort to determine a fair division based on each spouse’s contributions, financial circumstances, and needs.

Marital vs. Separate Property:

The first step in the division of assets is to differentiate marital from separate property. Marital property generally includes assets acquired during the marriage, while separate property consists of assets owned prior to the marriage or acquired through inheritance or gifts.

Common Marital Assets:

  1. Real Estate: Family homes, vacation properties, and real estate investments.
  2. Financial Assets: Bank accounts, retirement accounts, stocks, and bonds.
  3. Personal Property: Furniture, vehicles, artwork, and jewelry.
  4. Business Interests: Shared business ventures or professional practices.
  5. Debts: Marital debts are also subject to distribution.

Factors Considered in Equitable Distribution:

  1. Duration of the Marriage: Longer marriages can lead to a more even distribution of assets.
  2. Income and Property of Each Spouse: The financial situation of each spouse is a key consideration.
  3. Contributions to Marital Property: Non-financial contributions, such as homemaking and childcare, are taken into account.
  4. Tax Consequences: Potential tax implications may be considered.
  5. Age and Health of Each Spouse: The age and health of both spouses may be taken into account.
  6. Earning Capacity: Each spouse’s future earning potential is considered when determining alimony and asset distribution.
  7. Wasteful Dissipation: If one spouse wasted marital assets, it may impact the asset distribution.

Negotiation and Settlement:

Couples can negotiate the division of assets, giving them more control over the outcome. This process is typically less adversarial than litigation and often results in lower legal fees.

Navigating the division of assets requires careful consideration of legal principles and individual circumstances. Understanding the factors that influence equitable distribution, identifying marital and separate property, and seeking professional legal guidance will ensure a fair and just resolution during this difficult time.

- Natasha

- Christopher

-Samantha