Equitable Distribution Of Assets In A New York Divorce
Before getting your divorce finalized by the court, you and your spouse will have to come to an agreement on property division or have it decided by a judge. In New York, equitable division of assets is the term used for the process by which property including the following is to be distributed in a divorce.
- The marital home
- Second homes and/or investment real estate properties
- Personal property such as household goods, collectibles, recreational items like boats, pets and tools
- Highly valuable assets such as firearms, collectibles and jewelry
- Financial accounts, including bank accounts and retirement funds
- Assets that may not be accessible until a later time, such as executive compensation and stock options
- Stocks, bonds, cyber currency and other assets that may be hidden from view but have real value
Equitable distribution means the division of assets in a manner that the courts consider fair and just, not necessarily 50-50. If you are approaching property division negotiations in New York, it is important to have an experienced divorce lawyer on your side.
At The Law Firm of Poppe & Associates, PLLC, attorney Kamelia “Mia” Poppe has significant experience assisting with equitable distribution for clients pursuing divorces in New York County, Kings County, Bronx County, Queens County, Westchester County and surrounding areas.
Marital Versus Separate Property
Before dividing property, parties in a divorce must determine whether assets are part of marital or separate property. To understand definitions and exceptions such as those outlined below, it is important to have legal representation when discussing the division of property.
Marital property generally takes into account:
- Assets and property acquired during the marriage
- Debt acquired during the marriage, affecting the total
Separate property generally includes:
- Assets and property acquired prior to the marriage
- Debt acquired prior to the marriage
- Certain gifts and inheritances acquired during the marriage
- Personal injury compensation
In a divorce, separate property generally remains separate, while marital property is generally divided equitably between the spouses. Equitable division does not necessarily mean equal division as New York is not a community property state. Equitable division means a fair division. To read more about equitable distribution please see DRL 236(B).
Work With A Respected, Dedicated Divorce Lawyer
As a career family law attorney, Mia is passionate about helping clients approach and proceed through divorce with a hopeful frame of mind. As you grapple with the challenges involved in equitable distribution, let Mia be your insightful informant and brave advocate. She can empower you to start your next chapter of life with the resources and direction that you need to look forward.
Schedule a consultation with Mia by completing an online form or calling 646-665-3903. Discuss difficult points in your divorce with a New York City attorney who is experienced in property division, spousal maintenance and related issues.