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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 separate property.

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 post-nuptial 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.

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