New York State Divorce Laws Marital Property

Under new york s divorce laws courts only divide marital property and spouses gets to keep their separate property. In new york property is not automatically divided in half and distributed equally to each spouse.

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But at divorce whose name is on what property isn t the only deciding factor.

New york state divorce laws marital property. Instead the court takes into account 13 specific factors in determining the equitable distribution of property. Marital property includes all property acquired by either or both spouses during the marriage regardless of who bought it. There is no statutory requirement of a 50 50 split of marital property.

New york is an equitable division state which means each spouse owns the income he or she earns during the marriage and also has the right to manage any property that s in his or her name alone. New york is an equitable distribution state which means the court will divide marital property between spouses in a way that is equitable or fair. In the state of new york only property or assets considered marital property or community property are subject to division in a divorce case.

The court decides what s fair based on a set of factors that show what each of you contributed to the marriage and what each spouse will need to move forward after divorce. Marital property is typically anything you and your spouse acquire after the date of your wedding regardless of which of you holds title. This means that property owned by either spouse prior to marriage is exempt as are certain individually owned assets acquired during the tenure of the marriage.

Examples of marital property include. Some property is exempt however including personal injury awards and inheritances even if you receive them while you re married. Each spouse s income earned during the marriage.

New york courts divide only marital property between spouses in a divorce.

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