Suffolk, Nassau and Queens County Divorce Attorney
Equitable Distribution in New York
If you are considering or are currently going through a divorce, you may wonder what will happen with the property that you acquired prior to the marriage, property your spouse acquired prior to the marriage which was enhanced with marital funds, or property acquired jointly during the marriage. Will these properties be distributed equally? Will the non-titled spouse receive a distributive award of the titled spouse’s separate property?
If an active asset such as a business was acquired prior to the marriage, and the value of the business increased as the result of the direct or indirect contributions of the (non-titled homemaker spouse) then the increase in value of the asset is “marital” and subject to equitable distribution. In contrast, a passive asset such as a separate bank account acquired prior to the marriage that appreciates is not marital property. Whereas, a spouse who uses separate property funds acquired prior to the marriage to purchase investment funds in the parties’ joint names will most likely be considered transmuted into marital property.
Equitable Distribution in New York is subject to a number of factors that will affect how assets are divided. As a Long Island divorce attorney with extensive experience in this area, whether through skillful negotiation or vigorous and zealous litigation, I will do what is necessary to protect your interests and that of your families.
Distribution of Marital Property
New York is an Equitable Distribution state, meaning that almost all property acquired during a marriage will be divided between spouses, regardless of whose name is on the title. This replaces New York’s Common Law which allowed for property to only go to the titled spouse. It is important to note that “equitable” does not mean “equal”. The court will take into account a multitude of factors, including the few which are listed below, which will be used to determine property distribution:
- The length of the marriage
- The age of both spouses
- The health of each spouse
- The earning potential of each spouse and their future financial circumstances
- The income of each spouse both at the time of the marriage and at the time of separation or divorce
- The property owned by each spouse at the time of marriage and at the time of separation
- Direct or indirect contributions towards a spouse’s career
- Any wasteful dissipation of assets by either spouse
- The contributions of each spouse, including a spouse who is a homemaker and either made direct or indirect contributions towards the acquisition of assets
- Any transfer or encumbrance made in contemplation of a divorce action without fair consideration
- Whether spousal support has been awarded and in what amount
- The need of a custodial parent to occupy or own the marital residence
Martial property includes all property which was acquired by either spouse during the marriage, excluding:
- Property that was acquired by a spouse before the marriage
- Compensation received by a spouse for pain and suffering from a personal injury claim or lawsuit
- Gifts, money or inheritance received by a spouse from someone other than his or her husband or wife
Contact my office to schedule for a Free Consultation Toll Free at 1(888) 543-4867. My firm works with well respected experts in this field, including forensic accountants, business valuation experts and real estate appraisers to assist with your equitable distribution issues.
Contact Long Island divorce and family law lawyer Jay D. Raxenberg today!
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