Marital Property in New York
All marital property in the state of New York is subject to equitable distribution. This is in contrast to a common law state, which grants property to the spouse whose name is on the legal title of the property. This system may not always be fair when you take into consideration the contributions made by both parties. Equitable distribution, however, does not guarantee both parties will be granted half of the property. The contribution of each spouse is evaluated by the court before determining who will receive what.
Factors which the court may consider when dividing marital property include:
- The length of the marriage
- Cumulative income at the beginning of the marriage
- Cumulative income at the end of the marriage
- Property owned at the beginning of the marriage
- Property owned by each at the end of the marriage
- Age and health of both parties
- Each spouse's debts and liabilities
Marital Property and Separate Property in New York
- Marital property is considered property that was acquired during the marriage. Income, degrees, and even professional licenses may be considered marital property by the court. Marital property may also include debts and business ventures.
- Separate property is property that was acquired outside of marriage. This may include inherited property and gifts. Separate property is not subject to division, but can be affected when one former partner contributed time, finances or energy into the personal property of the other.
A skilled Long Island divorce attorney from our firm can help you provide the court with the information they need in order to make the right decisions regarding your property.
Protect Your Property During Divorce in Long Island
Anyone concerned about receiving their fair share of marital property should speak with a divorce attorney immediately. The Law Offices of Scupp & Berman, LLP is highly experienced in family law and has been helping clients through divorce proceedings for over 20 years. Contact a Long Island divorce lawyer from our firm today to learn more about your rights and legal options!