Previously a New York divorce attorney would be able to help you through the common law and property laws but New York has changed the way of distribution of property in a divorce. New York is now an equitable distribution state.
When a divorce attorney NYC has on roster deals with common law property, the assets are distributed to the spouse whose name was on the title. So if only one person’s name was on the title of the car, that spouse would get the car even if they did not use the car. Equitable distribution is different.
What is Equitable Distribution?
“What is an equitable distribution?” is a common question a New York divorce attorney gets when helping facilitate a divorce. Equitable distribution is when the court distributes the property fairly. However, this is not always an equal separation. But, it can be in many cases. Moreover, as any divorce attorney in NYC will tell you, the judge will take a few things into account. Some of these include:
- How long the marriage lasted
- Each person’s income and the property owned before and during the marriage
- Each person’s age and health
- Pensions, health insurance, inheritance
- Alimony
- Marital property
- Future financial circumstances
- Tax consequences
Our New York divorce attorney reminds you that this is not an exhaustive list and there are several other considerations a judge will take into account.
What is Separate Property?
Something to keep in mind says our New York divorce attorney is that the court will not divide the separate property. In fact, each spouse will keep their own property.
Examples of separate property include:
- Property acquired prior to the marriage
- Personal injury compensation awarded
- Property an individual received or inherited
- Property indicated as separate in a prenup
There are other assets that can be considered separate property and you should discuss these with a divorce attorney NYC has to offer.
What is Marital Property?
Next, let’s discuss what is considered marital property by a New York court. Marital property is essentially anything that was acquired during the marriage. According to a divorce attorney NYC has on the roster, these can include:
- Personal property: cars, boats, airplanes, artwork, and furniture
- Cash, bank accounts, retirement accounts, pensions, and securities
- Real estate property you purchased as a couple
- Advanced educational degrees, business permits
- Gifts between each spouse
As you can see, marital property encompasses a wide range of assets that are acquired during the marriage.
What about the Division of Property?
Now that you know the difference between marital and separate property you may be wondering about its division.
The recommendation is to come to an agreement amongst each other to determine who gets ownership of what. The judge will then approve the agreement if they feel it is fair to both parties. But if an agreement cannot be met amongst the divorcing couple then the judge will go through each piece of property and determine to which spouse it will go.
If there was a prenuptial agreement set in place prior to the marriage that will be taken into account during the divorce.
Contact a New York Divorce Attorney Today at Brian D. Perskin & Associates P.C.
If you need an experienced New York divorce attorney, contact Brian D. Perskin & Associates P.C. at (866) 938-3454 today.
Our team boasts the most intellectual, competent, and professional attorneys that you will ever find in New York. When you choose us, you can trust that you will be in good hands.