At The King Law Firm, our clients often asks us whether community state property laws will affect their divorce case. However, only nine states in the country abide by community property guidelines, and New York is not one of them. New York is an equitable distribution state. Our NY property lawyers are here to help you understanding New York marital property laws and explain how equitable distribution works.
Community Property vs. Equitable Distribution
In community property states, property acquired throughout the duration of a marriage is considered to be jointly owned by each spouse and is divided equally in the event of a divorce. On the other hand, equitable distribution seeks to divide marital property in a fair manner, but is not necessarily equal.
In New York, the equitable distribution of property during divorce involves a variety of factors, such as:
- Each spouse’s income and property upon marriage and when they filed for divorce
- Duration of marriage
- Each spouse’s age and health
- Heath insurance, pension, and inheritance rights either spouse will lose due to the divorce
- Whether alimony has been awarded by the court
- The probable future financial circumstances of each spouse
- The need of the parent with custody to live in the family home
- The liquid or non-liquid character of all marital property
- Tax consequences of each spouse
- Whether a spouse fraudulently transferred property in anticipation of divorce
- Whether one spouse wasted the couple’s assets
What Is Considered Marital Property in New York?
In New York, marital property is considered any property or assets that are acquired by either or both spouses during the marriage with a few exceptions. Gifts, inheritances, compensation for personal injuries, and property either spouse owned prior to the marriage will not be considered marital property.
An equitable distribution in New York is much more complicated than a simple 50/50 split. Our Bronx divorce attorneys can help you determine how equitable distribution may affect the outcome of your divorce and ensure that you obtain a fair settlement.
For more information on New York marital property laws and equitable distribution, contact our Bronx divorce lawyers at The King Law Firm today.