Equitable Distribution in New York
How Marital Property Is Divided in a New York Divorce
When a divorce is granted in New York, the state’s equitable distribution law will guide a determination on property settlement through division of the marital property. This law considers that a marriage is, among other things, an “economic partnership” to which both parties contribute – whether that contribution is made as a spouse, parent, wage earner and/or homemaker.
It is important to understand that equitable distribution does not always result in an equal, 50/50 division of assets; rather, the law will look to what is “fair.” A couple’s property will be categorized as marital or separate, the value of the property will be determined and the property will be distributed in a manner that is hopefully fair and equitable to both parties.
At the present time, property can include:
- Art collections
- Medical degrees / licenses
- Law practices / licenses
- Stock options
- Business interests
- Airplanes
- Equine interests and farms
- Civil service assets
- Pensions, 401(k)s and retirement plans
- Teaching licenses
- Professional certifications
*The law in this area is changing.
The Difference Between Separate Property & Marital Property
Separate property can be described as any property that belongs to one spouse only. The manner in which property is categorized as marital or separate will vary from state to state. It is also important to note that separate property can be considered marital property if it has been co-mingled with marital assets or it has appreciated in value during the marriage due to the efforts of the other spouse.
In New York, separate property may include any of the following:
- Property acquired before the start of the marriage
- Property acquired by bequest, devise or gift from someone other than your spouse
- Property described as separate property in a written agreement
- Property acquired in exchange for separate property
- Financial compensation received for personal injuries
Disclosing Financial Information During Your Divorce
Under New York’s Equitable Distribution law, when seeking a divorce, both parties are required to disclose all information about their respective finances so the court can make a fair determination about the distribution of their marital property – as well as appropriate levels of support. To ensure full disclosure, the law requires both parties to exchange sworn financial statements accompanied by a current paycheck stub and their most recently filed state and federal income tax returns.
If you have questions about how your property would be divided in a divorce, please contact our New York divorce lawyer, Lois M. Brenner, Esq. You can reach our office at (646) 663-4546.
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Lois Brenner was great to work with. She was very thorough and efficient! I would recommend Lois to anyone seeking an amicable divorce.- RW
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Lois was an absolute pleasure to work with. She worked on a prenuptial agreement for me. Our very first conversation put me at ease. She was interested in my upcoming marriage and wedding. She assured me the prenuptial agreement could be drafted quickly. She made intelligent recommendations to address some of my complex financial decisions. She also made sound suggestions to protect my multi-million dollar portfolio. Our wedding is coming up and will be a lot smaller than we originally thought due to COVID-19, but Lois Brenner got our prenuptial agreement done in time, and made it a lot more pleasurable experience than I thought it would be. I would recommend Lois to anyone seeking a truly skilled attorney to draft their prenuptial agreement.- Glen Mearns
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My divorce was very stressful time. Since we were able to agree with my ex-husband on many important issues I originally thought that I will be able to fill in all the necessary documents by myself. It turned out that it is nearly impossible task. The amount of paperwork was overwhelming! I was not happy with some lawyers I've approached - too expensive, too impersonal, too aggressive. When I met Lois everything changed. For very reasonable price she was able to help us - talked to both of us, gave us great suggestions. Everything went extremely well. It was quick and painless. We could not thank her enough!
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I am a highly successful money manager and before meeting Lois Brenner, hiring a divorce attorney was a disaster. Two previous divorce attorneys really wasted my funds, and had no savvy when it came to asset and property distribution. Lois Brenner finally fixed the mess I was in. She and her team of financial experts, including attorney Matthew Ehrlich were able to prepare an asset and property distribution that was realistic, keeping in mind tax ramifications, and important distributions and allocations. They negotiated a thorough and financially sound divorce settlement. If you have a lot of assets, just any divorce attorney won’t do. You really need someone with a lot of knowledge. Lois Brenner and Matthew Ehrlich were really impressive. Thanks!!- Michael C.
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I have hired Mrs. Brenner and had the best experience with her in my complicated and intense divorce. She was there for me all the way, always answering promptly any questions I had. She gave me the best advice, in such a caring and kind way. She has an amazing team of specialists, that will cover any needs you might have. I highly recommend Mrs. Brenner, you can feel she’s got your back!- JN
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Thank you Ms. Brenner! It was a rough summer trying to get our parenting agreement together.but you really helped. My ex-husband and I fought all summer about what the children's schedule would be once school started. Your endless guidance and productive sessions with us made all the difference. You straightened us out with your sound, caring advice. We both feel better now. Our kids feel better too. Thank you, thank you. We hope you had a great summer. We will recommend you highly to anyone needing a family law attorney.- Brenda
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I just wanted to take a moment to personally thank you for the wonderful job you did mediating our separation agreement and putting this document together. You not only saved us hundreds of thousands of dollars but helped avoid what would have been a disastrous future in court. I'm grateful you did not give up on us. If I ever am involved in another situation like this, and I hope I never am, I would certainly recommend your services.- J.M.
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We were looking for a mediator to help us with visitation issues we were having due to the pandemic. With all the problems we were having getting the kids back and forth, and arguing about taking trains and buses during visitations, we called Lois Brenner to help us make some decisions. She really set us straight. She spent a lot of time with us so we could get a parenting agreement together to set some rules we could both agree to. I feel a lot better now. Thank you Ms. Brenner.- Dina
