Understanding Property Division in New York Divorce Cases
In New York, the division of marital property during a divorce is typically straightforward, guided by principles of fairness and equality. Understanding how assets are divided can help individuals navigate the complexities of divorce negotiations and court proceedings. Here’s an in-depth look at how property is distributed in New York divorces, with insights from renowned family law attorney Brian Perskin.
Principles of Marital Property Division
New York State adheres to a policy of equitable distribution, which aims to divide marital property fairly between spouses. This policy acknowledges the equal importance of contributions made by a wage earner and a homemaker.
“The first issue in divorce cases is often the easiest,” notes Brian Perskin. “In the vast majority of cases, marital property is equally divided in New York, as public policy values the contributions of both the wage earner and the homemaker equally in the accumulation of property.”
The Meaning of Equitable Distribution
It’s important to note that equitable does not necessarily mean equal. While the default approach is to equally divide the property, equitable distribution takes into account the circumstances of each case to achieve fairness.
Perskin explains, “Equally dividing property in New York does not mean dividing each asset in half. Instead, judges have the authority to trade certain assets to ensure that the overall division is fair.”
The Role of Fairness in Property Division
Although the starting point is an equal division, there are situations where the court might deviate from this norm based on fairness considerations.
“Unless there is a compelling fairness argument to be made, a New York court is not likely to divide property in any other manner,” Perskin adds. This means that the court will consider arguments for an unequal distribution if it is deemed more just given the specifics of the case.
Negotiating Property Division Agreements
When negotiating a divorce agreement, most people find that an agreement to equally divide property works best. This approach simplifies the process and aligns with the standard legal framework. However, negotiation is key, as an agreement that suits both parties can avoid the need for prolonged court proceedings.
“Most individuals find that a simple agreement to equally divide property is what works,” Perskin states. “It simplifies the negotiations and typically aligns with what the courts would decide anyway.”
Hiring a Brooklyn Family Attorney
In New York, the division of marital property during a divorce is intended to be fair and equitable, recognizing the equal value of different types of contributions to the marriage. Understanding this principle can help individuals achieve a more satisfactory outcome in their divorce settlements. As Brian Perskin points out, knowing how courts generally handle property division allows individuals to better navigate their own negotiations and to prepare effectively for the legal process.
Contact us at 877-826-7257 today to get expert-guided legal representation.