Upon divorce, marital property in New York State is supposed to be divided equitably. It is not an "equal" or automatic 50-50 distribution between spouses, as it is in community property states like California.
Marital property is property that is acquired during a couple's marriage. It is distinguished from "separate property," which is property owned by each individual before the marriage, or property acquired by each party by gift, inheritance or as a tort settlement (and kept separate).
In allocating marital property in a divorce, judges and negotiating lawyers look at factors listed in the divorce statute that are considered in deciding what percentage of these assets will be assigned to each partner in the settlement. If you schedule a free consultation with me, I will be happy to go over the factors with you.
Obviously, not all factors will apply in each case. There is much room for subjectivity in the application of these items. The statute and the cases decided under it serve as guidelines for judges and lawyers in litigating property issues in divorce cases in New York.
If you have property issues, such as a house, condo, business, professional practice, or retirement plans, call our office to schedule your free consultation.
I have been successfully handling equitable distribution cases for decades.
I have a wealth of knowledge that will help you get what you are legally entitled to.
Call today to take advantage of a complimentary consultation. This offer is good till the end of January. 212.734.1551.
Warm regards,
Lois