Equitable Distribution in New York
How Marital Property Is Divided in a New York Divorce
When a divorce is granted in New York, the state’s equitable distribution law will guide a determination on property settlement through division of the marital property. This law considers that a marriage is, among other things, an “economic partnership” to which both parties contribute – whether that contribution is made as a spouse, parent, wage earner and/or homemaker.
It is important to understand that equitable distribution does not always result in an equal, 50/50 division of assets; rather, the law will look to what is “fair.” A couple’s property will be categorized as marital or separate, the value of the property will be determined and the property will be distributed in a manner that is hopefully fair and equitable to both parties.
At the present time, property can include:
- Art collections
- Medical degrees / licenses
- Law practices / licenses
- Stock options
- Business interests
- Airplanes
- Equine interests and farms
- Civil service assets
- Pensions, 401(k)s and retirement plans
- Teaching licenses
- Professional certifications
*The law in this area is changing.
The Difference Between Separate Property & Marital Property
Separate property can be described as any property that belongs to one spouse only. The manner in which property is categorized as marital or separate will vary from state to state. It is also important to note that separate property can be considered marital property if it has been co-mingled with marital assets or it has appreciated in value during the marriage due to the efforts of the other spouse.
In New York, separate property may include any of the following:
- Property acquired before the start of the marriage
- Property acquired by bequest, devise or gift from someone other than your spouse
- Property described as separate property in a written agreement
- Property acquired in exchange for separate property
- Financial compensation received for personal injuries
Disclosing Financial Information During Your Divorce
Under New York’s Equitable Distribution law, when seeking a divorce, both parties are required to disclose all information about their respective finances so the court can make a fair determination about the distribution of their marital property – as well as appropriate levels of support. To ensure full disclosure, the law requires both parties to exchange sworn financial statements accompanied by a current paycheck stub and their most recently filed state and federal income tax returns.
If you have questions about how your property would be divided in a divorce, please contact our New York divorce lawyer, Lois M. Brenner, Esq. You can reach our office at (646) 663-4546.
-
“No words can express what you have done for our family!”- Ken
-
We were looking for a mediator to help us with visitation issues we were having due to the pandemic. With all the problems we were having getting the kids back and forth, and arguing about taking trains and buses during visitations, we called Lois Brenner to help us make some decisions. She really set us straight. She spent a lot of time with us so we could get a parenting agreement together to set some rules we could both agree to. I feel a lot better now. Thank you Ms. Brenner.- Dina
-
Best Divorce Lawyers in NYC!! I can’t say enough about Lois Brenner. She saved my life. I was really being abused by my husband. I wanted a divorce, but I was scared to leave. Hiring her provided me with a support system that helped me break free of a destructive marriage. She, along with her team of professionals, and her litigation colleague Matt really gave me the backbone to step up and out. My children are safe, I’m back at work, and we are no longer afraid. The ongoing legal and personal support made all of this possible. Working with Lois and Matt was a life-changing experience. Katie M.- Katie M.
-
I had read about Lois’ unusual divorce method in one of her blog posts. It was refreshing to see someone was working with the psychological issues in divorce. My husband is bipolar and getting him to agree to a divorce and commit to the process was tough. When we met with Lois she really understood him. She immediately identified his mental health issues, and because she has a psych background, she was empathetic to his needs and was skillful at guiding him through her divorce mediation process. It took a while but she really got us to a point where we could actually discuss things without my husband blowing up. Her method is unique and it really helped in our situation. She actually recommended a great psychiatrist who changed my husband’s meds at her urging (she has a medical degree too), and my husband is coping much better. We can’t thank her enough for her compassion and advice! If you need a divorce attorney, especially if mental illness is a part of the fabric of your marriage, go see Lois! Thanks Lois - Lorna P.
-
“We are forever grateful!”- Donna and Frank
-
Lois acted as the mediator in my divorce, and she was absolutely excellent. It was a very difficult time for me personally, but Lois made the process as easy and painless as it could possibly have been. She listened to each of us separately, and made thoughtful and helpful suggestions. She is fair, and seemed to genuinely care about finding a solution that was best for both parties. Lois is perfectly qualified to handle this type of situation, given her background in psychology. She truly understands people, and used this ability to keep my ex-husband and I calm, and smoothly navigate a few tricky situations. I felt very understood by Lois, and think that she not just a top-quality attorney, but also a very decent person. She is responsive, and answered my emails within a couple of minutes every time. Highly rated!
-
“Expert, Compassionate Counsel”- Alisa
-
Amazing, Skillful Mediator!!!! We went to see Lois Brenner for a mediation consultation. We had pretty much decided our marriage was over. We just wanted to end things fair and amicably. Lois Brenner spent so much time with us, and gave us great insight as to how the process would help us, we hired her on the spot. Our sessions thereafter were stealth. She organized us, helped us identify and address all the issues. She showed us how to communicate effectively throughout the process. We were able to address all our issues, especially property and finances, arrive at a comfortable settlement agreement, and now we are waiting for the judge to sign our divorce. What an extraordinary process. I highly recommend Lois Brenner and mediation. She’s super, and mediation really works.- Maggie and Josh
