Asset Allocation in a New York Divorce
Equitable Distribution Does Not mean a 50/50 Split
Most states, including New York, use equitable distribution in a
divorce to divide marital property. While this does not necessarily entail a 50/50
split, it is based on a percentage that is “fair” –
depending on the facts of the marriage. There are other states that have
community property that consider all property acquired during the married
to be equally owned by each spouse, splitting it 50/50 between both parties.
What Factors Will the Court Take Into Consideration?
In New York, divorcing spouses can either come to an agreement on how their
assets will be distributed or leave it up to the court. If the court is
left to decide how a couple’s property will be distributed, the
judge will take a number of different factors into consideration –
some of which may include:
- The income and assets of both spouses during the marriage
- The income and property of each spouse at the time that they filed for divorce
- The age and health of both spouses, and the length of the marriage
The need of the
custodial parent and children to live in the family home and use its effects
Any loss of inheritance / rights to
pension when the marriage is dissolved
- Any support or maintenance from one spouse to the order
When looking at what assets you want to keep after your divorce, it is
important that you discuss the future value of these assets with your
New York City divorce lawyer. This includes retirement accounts, real
business assets, as well as the tax consequences relating to these assets. This will ultimately
help you to ensure you get the best results.
To learn more, schedule an initial consultation by calling (646) 663-4546.