Property Division in Hudson Valley
New York's Equitable Distribution Laws
In the state of New York, property is divided based on "equitable
distribution" principles. Marital property is divided equitably,
not necessarily equally, at the termination of a marriage. In some cases,
equitable distribution does result in an equal split, but that is not
the primary objective. Equitable distribution is a method of property
division for a married couple engaged in divorce proceedings. Separate
property is not considered in this distribution process. Property that
was acquired before the marriage, received individually as an inheritance
or gift, or is in the form of compensation for personal injuries, is considered
Judges strive for a fair split when they are distributing the assets of
the divorcing couple. The court considers various factors when making
these decisions, including each party's income and property when they
were first married and when they filed for divorce. Another important
consideration is the duration of the marriage. If children are involved
in the divorce, the need of the custodial parent to live in the family
home will also be assessed. If you are in need of legal guidance with
the issue of property distribution, speak with our
Hudson Valley divorce attorneys at your earliest convenience. Whether you have a prenuptial or postnuptial
agreement, we can help you determine a fair division of assets based on
New York's equitable distribution laws.
Establishing a Property Division Order
In the state of New York, property and debts can be settled in a signed
marital settlement agreement by both parties. If the divorcing couple
is unable to agree, the property award can be decreed by the Supreme Court
within the judgment of divorce. Only marital property is divided by the
court, and each individual is allowed to keep their own separate property.
Property that begins as separate can be considered marital in a few different
situations. If the other spouse contributes to the value of that property
or if one party's personal home is treated as marital property after
the marriage, then separate property may convert to marital property.
Under New York law, full financial disclosure is required for all parties
involved in the divorce no matter whether it is classified as marital
or separate. Identification of marital and separate property is imperative
to ensuring the accuracy of all subsequent steps of the process. The court
will go through a discovery process to determine what property and debt
should be classified as marital or separate. Afterward, the court will
place a monetary value on each of the marital property items and debts.
Lastly, the court will distribute the marital assets between both parties
in an equitable manner.
Contact our Hudson Valley property division lawyers today for assistance from Michael R. Varble & Associates, P.C. through
the process of property distribution.