When a couple goes through a divorce, their marital property must be divided fairly. Depending on the assets you and your spouse share, asset division may be fairly straightforward or very complex.
New York is an equitable distribution state. That means that a divorcing couples’ marital property must be divided equitably, which may or may not mean equally. The goal of equitable distribution is a fair division. Some of the factors which may be considered during property division are:
- The income and property of each spouse before the marriage and at the time of divorce;
- The type of property the couple owns;
- The current and future needs of each spouse;
- Any tax consequences that may come with certain property;
- Whether either spouse attempted to hide or dissipate marital property in anticipation of divorce.
Marital property includes:
- Retirement accounts and pensions;
- The marital home and, possibly, other residences;
- A family business;
- Investment portfolios;
- Other property acquired during the marriage.
Wondering how to divide your property? Call today. 516 319-2000.