New York Marital Property Attorneys
Before a New York court will grant a divorce, marital property must first be divided. The state of New York was previously a “common law property” state but is now an “equitable distribution” state. What this means is that when property is divided, it will be divided “equitably” regardless of who the true owner of the title of the property may be. This is seen as “fair” by the courts as they believe that when two people enter into a marriage any items acquired during the marriage and before a separation agreement, if one is executed, is the property of both spouses. Property acquired before a marriage, however, is considered separate property and is not subject to distribution.
The family law courts will take in to account the following factors when deciding how marital property will be split:
- Income of each spouse at time of marriage and duration of marriage
- Property of each spouse at time of marriage and duration of marriage
- Need of custodial parent to occupy or own marital residence
- Value of assets
- Any equitable claims
- Age and health of both spouses
- Probable future financial status of both spouses
- Any difficulties of a spouse obtaining future employment
In addition to the above factors, there are many other factors that a family law judge will very carefully review before distributing marital property, including any businesses, professional practices and degrees that a spouse may own or hold, that may lead to future enhanced income. In New York under equitable distribution, when dividing marital property, a judge does not need to equally divide the marital property. The judge, before making a final ruling, will take into account all circumstances that may surround the divorce when making a final decision and “equitably” dividing the property.
New York is a Equitable Distribution State
At the Law Offices of Brian D. Perskin, whether you are going through a contested divorce, uncontested divorce or filing a separation agreement, our attorneys can help you. We offer mediation if requested to individuals facing divorce who have questions and concerns about marital property, child custody or any other divorce related issues. Mediation would allow for a mutual agreement to be reached in order to avoid having a judge make a final decision that you may or may not be happy with long term. At the Law Offices of Brian D. Perskin a board-certified New York marital property attorney can meet with you immediately to discuss your case.
Board-Certified Divorce Lawyers in Brooklyn Heights and New York, NY
The New York marital property lawyers at the Law Offices of Brian D. Perskin provide excellent legal resources, skill, guidance and representation to people facing separation or divorce issues in Manhattan, Bronx, Queens and Brooklyn, New York. Contact a New York marital property lawyer at our firm today for a free case consultation.
Questions about how marital property is distributed? Contact us today!