3 Things Divorcing Couples Should Know About Marital Property

Dividing up property is usually the most difficult, contentious aspect of a divorce in New York State. Whether you’re negotiating with your spouse or letting a judge decide, achieving the best outcome depends on understanding what constitutes “marital property” and how it’s divided under the divorce law in New York State. If your marriage is ending, below are a few key points to keep in mind.

3 Things to Understand About Marital Property

1. What Is Included in the Marital Estate

The term “marital property” refers to anything purchased by either you or your spouse during the course of the marriage, regardless of who paid for it. This includes everything from real estate to investments, vehicles, and furniture. Even if only one person’s name is on the title, the law considers that asset to be marital property subject to Equitable Distribution.

2. Some Property Is Excluded

“Separate property” refers to assets that belong to just one party in the marriage. This includes assets either of you owned prior to marriage, as well as any inheritances or gifts you received, and for example, the proceeds of any lawsuit where you are the Plaintiff. However, in some situations separate property can be converted and can be “transmuted” into marital assets subject to being distributed. Talk to your divorce lawyer about this and follow his/her advice before transferring or moving any assets.

3. The Division May Not Be Equal

In New York, courts are required to divide property in a way that is “fair and equitable.” This does not mean that each party gets an equal share of the marital assets. Equitable Distribution does not mean equal distribution. Courts have wide discretion to grant one spouse a greater share of the marital property based on a variety of factors, including each party’s earning power, their economic and non-economic contributions to the marriage, and their physical health, amongst other things.

For almost 40 years, Thomas A. Corletta, Attorney at Law has provided detailed guidance and effective representation to clients across New York. With his extensive divorce experience and commitment to his clients, you can rely on this attorney to protect your rights and achieve a fair and equitable result. Visit his website for more on his family law services, follow him on Twitter for legal tips and advice, or call (585) 546-5072 to consult with this seasoned and experienced lawyer today.