In New York, during divorces, the property will be divided based on equitable distribution– distributing fairly and reasonably. This property division will consider factors, such as the income of each party, the duration of the marriage, the pension and inheritance rights of either party. The courts will have discretions in deciding the property division, and it is not necessarily a 50/50 split. Moreover, the courts don't need to divide properties based on their titles.
Properties subject to division are marital properties—properties obtained by either party during the couples' marriage. They include a wide range of assets, such as homes, jewelry, arts, and retirement accounts. Business and professional practices can also subject to equitable distribution. In contrast, separate properties being brought into the marriage will not subject to property division. Separate properties include those being received as an inheritance, acquired as personal injury compensation, or listed in a prenuptial agreement. Also, it is necessary to get a proper valuation of properties. Moreover, if parties reach settlements on property division, the courts will approve the settlements if they see such division fair and reasonable.
Individuals seeking divorces are strongly advised to seek legal assistance from a New York divorce attorney. Please feel free to call Gordon Diefenbach, an attorney in Manhattan who has been handling these kinds of cases for nearly 30 years for a free assessment. The 24-Hour Hotline is (917) 734-7111. We will either speak with you the moment you call or will return your call within a matter of hours.