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.
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I utilized Lois's services for divorce. She was most helpful in all aspects. First, she explored reconciliation, which was the right thing to do. Absence of that, her suggestion of what to negotiate for, how to do it without unnecessary anger & hostility to the ex & how to expedite the process was invaluable. Timewise she was excellent & sympathetic to what I was going through. She was always available & her fees were very reasonable. I would strongly recommend her as a divorce /representative attorney.
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Lois Brenner, her colleagues, team of experts and staff are phenominal. I hired them to help me to see my son who had been taken out of state by my wife during this insane pandemic. She decided to take him to stay with family but then she sideswiped me with a divorce. I was devastated. Lois Brenner and her litigation partner fought for me and made it possible for me to see my son. They are handling my divorce now and their strength and support is getting me through a really tough time. They are smart, tough and highly experienced.
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When I first decided to hire a divorce attorney, I thought a male attorney would be best. Lois Brenner really surprised me. Although she has written a divorce book on women’s rights, she is totally an advocate for men as well. She really understood how much I loved my kids, and listened and understood all the horrible things my wife was doing to destroy their relationship with me. She didn’t miss a beat and really went to bat for me. She reached out to my wife’s attorney every time my wife made any attempt to disrupt my visiting our kids and always demanded the best results. She made herself available, even when she was on vacation! Lois has been there every step of the way in these difficult circumstances. I highly recommend her.- Sam
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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
