Property, Assets, & Debts In A New York Divorce
As part of a New York divorce, you and your spouse are entitled to the equitable distribution
of marital property.
Simply put, this means that property and assets acquired during the marriage are generally divided equally between the parties. It makes no difference which party actually purchased the asset, or whose name is on the title. If it was acquired during the marriage - both spouses are entitled to an equal share.
Marital Property does not include property acquired before the marriage, personal injury awards, personal gifts, or an inheritance. These assets are all considered separate property and are not subject to equitable distribution.
Just as in dividing property and assets, equitable distribution also applies to debt accumulated during the marriage. However, in dividing marital debt - it is important to consider the incomes of both parties. Therefore, if one spouse earns more than the other, he or she should be responsible for a larger share of the martial debt.
Now that we’ve defined the rule of equitable distribution, it is important to note that in an
uncontested divorce, you and your spouse have the opportunity to divide your marital property, assets, and debts in any manner you both see fit, regardless of applicable laws, and your agreed-upon arrangement will become a part of your divorce.
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*The information contained in this article is for informational purposes only, and the content is not legal advice.