Property Division & Equitable Distribution in NY
Explained by a Westchester County Property Division Lawyer
The embryo disposition has been around in New York State for quite some time because there’s a Court of Appeals case that says the contract between the parties will control. What is very ambiguous and unknown at this point in New York State is: what if there is no contract in place? There’s been recent legislation that’s come out about how contracts will be enforced, but there really is a black hole in the law right now regarding how an embryo will be disposed of or treated in divorce if there is no contract between the parties. So, it’s really an important area of the law to get legal counsel on if you’re going to have embryos with your partner or your spouse.
Property and debt division is a key issue that must be resolved during a New York divorce or separation agreement. The process can be complex and disputes may easily arise regarding what is marital property and what is separate property. A divorce lawyer in Westchester County, NY can help you resolve these issues in such a way that your interests and future financial stability are protected.
Call (914) 873-4410 today or fill out our online contact form to discuss your case with a divorce attorney.
Is New York a Community Property State?
Equitable distribution is New York’s law on property distribution. All assets acquired during the marriage are subject to equitable distribution. The classic line in New York is: Equitable does not mean equal. So, we don’t just split up assets 50/50. As I mentioned earlier, we look at the marriage as an economic partnership. We consider both direct and indirect contributions. For each asset, we don’t just look at its value—we examine why the asset is worth that amount and what each spouse did to contribute, both directly and indirectly. This can impact what percentage of an asset each spouse may or may not be entitled to at the end of the resolution of the case.
No, New York is an equitable distribution state, meaning all marital property will be divided by a judge if a prior agreement has not taken place. This property will be divided in a way that is considered fair and equitable. Any outstanding debt that was acquired during the marriage will also be allocated.
Defining Equitable Distribution
In New York, property division is carried out through equitable distribution. It is important to note at this point that “equitable distribution” does not mean “equal distribution.” In a divorce, the court will determine what is considered to be marital property and what is considered separate property. Marital property will be subject to equitable distribution while separate property will remain with the spouse to whom it belongs.
How Does the Court Divide Marital Property in New York?
In dividing marital property, the court will look at a number of factors. These may vary from jurisdiction to jurisdiction, as well as the particular circumstances of the case. Some factors in determining equitable distribution include:
- Each spouse's property at the time of marriage
- Each spouse's income at the time of marriage
- The need of the custodial parent to occupy/own the couple's home
- Any award of spousal maintenance
- Tax consequences
These disputed cases require the representation of a divorce attorney to act as your advocate and ensure that the court fairly considers every factor in your case. Friedman & Friedman PLLC, Attorneys at Law can work hard to protect your property in a divorce, so be sure to give us a call as soon as possible.
How a Westchester County Property Division Attorney Can Help
Determining separate versus marital property is not always clear cut. Having an attorney on your side to ensure that your property and assets are protected is essential to your financial stability. Your attorney should have specific knowledge regarding separate and marital property and competence in matters involving finances, businesses and more.
Attorney Andrea Friedman is an experienced divorce lawyer serving Westchester County and all of Long Island. She understands how important property division is to your future and therefore strives to provide personalized attention and aggressive representation to each and every one of her clients.
Getting a divorce in Westchester County? Contact our firm today for a strong advocate!