Unfortunately, many assume that filing for divorce is solely an emotional process. However, there are a considerable number of important financial and legal matters that must be determined. One of the most important aspects of filing for divorce on Long Island is determining how to divide assets. If you and your spouse cannot agree on this process, the court will intervene. As such, understanding how they will distribute property is critical. The following blog explores what you should know about these matters, including the importance of working with a Long Island property division lawyer to help you through this process.

What Assets Do New York Courts Divide in a Divorce?

First and foremost, it’s important to understand what assets are subject to division during a divorce in New York. Generally, when a couple is married, they will own two sets of assets – marital property and separate property. Separate property generally refers to anything that either party owned before the marriage or after they separated. This property is solely owned by the spouse. In some instances, you can accrue separate property during the marriage through gifts from third parties, inheritances, or income generated from separate property.

Marital assets include any asset obtained during the marriage, regardless of who technically “owns” it. This includes income, real estate, vehicles, and investments.

It’s important to understand that some separate property may become a marital asset if it is mingled with joint property. For example, if you owned a vacation home before your marriage but used funds from a joint bank account to pay for renovations to the property, the home would become marital property.

How Are These Assets Distributed?

Once it’s determined which assets are considered marital property and which are separate, the court can then begin determining how these assets should be divided among the couple. It is imperative to understand, however, that only marital property is subject to division. Separate assets will remain the property of the spouse who owns it.

To divide joint assets among a couple, New York follows what’s called the equitable distribution method. Essentially, this means the courts will not automatically divide assets equally among the couple. Instead, the court will examine a number of factors to determine how to divide these assets in the most fair manner. As such, the court will consider a number of factors, including the following:

  • The standard of living established during the marriage
  • The financial contributions of each spouse
  • The domestic contributions of each spouse
  • The alimony awarded during the divorce
  • Custody matters, as this could impact who receives the family home
  • If marital waste occurred, such as intentionally spending money or using assets to fund an affair

Unfortunately, property division is one of the most highly contested matters in divorce. As such, ensuring you have someone on your side to guide you through these difficult times is critical. At the Law Offices of Jay D. Raxenberg, P.C., our dedicated team is ready to fight fr your best interests. We understand that the divorce process can be overwhelming, which is why we are committed to assisting you every step of the way. Contact us today to learn how we can fight for you.