Share on Facebook In New York, property is divided equitably when a couple divorces. This can result in an equal property division, but it doesn't always. An equitable property division is one that is fair, considering what each spouse contributed to the marriage and what each spouse will need to move forward. This article answers some common questions about New York's equitable distribution system.
Share on Facebook In New York, property is divided equitably when a couple divorces.
An equitable property division is one that is fair, considering what each spouse contributed to the marriage and what each spouse will need to move forward.
For more information, see Divorce equitable distribution article New York Divorce: What is equitable distribution? Prior to the adoption of equitable distribution in New York, New York was a "common law property" state.
Under that system, the property owned by either spouse was distributed at divorce according to the manner in which title was held. New York is now an equitable distribution state. When a couple divorces, the court must divide their marital property equitably, or fairly. Instead, the judge will strive for a fair outcome, considering: What property is subject to equitable distribution?
Only marital property is divided by the court.
Each spouse gets to keep his or her own separate property. Marital property includes all property acquired by either or both parties during the marriage, regardless of the form in which title is held, subject to the exceptions below.
What is separate property? Separate property is not divided when a couple divorces. Instead, each spouse gets to keep his or her own separate property, except to the extent that the other spouse has contributed to its increase in value. Is a business or professional practice subject to equitable distribution?
Businesses, professional practices, and enhanced earning capacity attributable to the attainment of a career, or professional license, educational degree, profession or license is considered "property" subject to equitable distribution.
However, as noted above, interests in a business or career may be difficult to divide, or it may be undesirable to do so. In this situation, the court will typically award the actual business or practice to the spouse who is running it, awarding the other spouse property to make up the difference.Apr 12, · Dividing the family’s property during divorce can be quite difficult, especially if there are significant assets such as houses, rental property, retirement and pension plans, stock options.
Family law is a cornerstone at Tharrington Smith. Its lasting importance in our practice reflects our passion to apply our expertise to each family law situation, whether it is resolved through negotiation of a separation agreement, divorce mediation, collaborative divorce, divorce arbitration or family litigation through the courts.
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Given the percentage of marriages that end in divorce, anyone could be affected in some way by a separation or divorce. Equitable distribution is a method of dividing property at the time of divorce. All states except for Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin follow the principles of equitable distribution.
Interested in visiting the State Capitol? For information on visiting the Capitol Complex, please visit leslutinsduphoenix.com Contact. Apr 12, · Dividing the family’s property during divorce can be quite difficult, especially if there are significant assets such as houses, rental property, retirement and pension plans, stock options.