Dividing property during a divorce can feel overwhelming, especially when you’re facing a mix of assets, debts and shared belongings. Knowing how the law approaches this process can help you to feel more confident as you navigate the changes ahead.
Understanding the basics of property division allows you to protect what matters most and avoid surprises along the way. While every case is unique, having a clear sense of what to expect can make a big difference in moving forward with peace of mind.
Who gets what in New York?
In New York, property division follows the principle of equitable distribution. This means the court strives for a division of marital property that is fair, though not necessarily equal. All assets and liabilities acquired during the marriage are generally considered marital property. This can include
- Real estate
- Bank accounts
- Investments
- Retirement accounts
- Even debts
However, not everything is subject to division. Separate property, which typically includes assets owned by one spouse before the marriage, inheritances or gifts given specifically to one spouse usually remain with the original owner. That said, if separate property was blended with marital assets, some of it could be subject to division.
When determining what is fair, the court takes many factors into account. These include:
- The length of the marriage,
- Each spouse’s income and earning potential
- Contributions to the marriage, both financial and nonfinancial
- The future financial needs and circumstances of each party
For example, a spouse who left a career to raise children may be entitled to a larger share of the marital assets to account for their reduced earning capacity.
Because these considerations are highly subjective, outcomes can vary widely. What is deemed fair in one case may look very different in another, even with similar asset amounts.
If you’re facing the challenges of dividing property, having someone by your side who understands the complexities can make all the difference. Taking the time now to research the law and how it applies to your situation can help ensure your rights and interests are fully considered as you move forward.