The division of property is a stressful issue to work out in any divorce. Neither party wants to lose assets, and the separation into two households can leave both spouses concerned about their financial future. When you’re seeking a dissolution of marriage in New York, consult a divorce attorney on the state’s property division laws to ensure you receive all that you’re entitled to. Here’s what to know about how assets are split when a marital relationship ends.

A Guide to Property Division During a Divorce

What’s the general rule of property division in New York?

New York is an equitable distribution state rather than a community property state. This means that instead of marital property being divided evenly between spouses, the court will split it in an equitable and fair manner. Based on the circumstances of the case, the judge may find it fair to award one spouse a larger portion of assets to compensate for imbalances elsewhere in a couple’s financial profile.

What is marital property?

The court will only divide marital property, allowing each spouse to remain in possession of any separate property they own. Marital property refers to all the assets acquired during the marriage, regardless of who purchased it or whose name is on it.

This includes each spouse’s income, property the couple bought while married (such as a house or car), retirement benefits, and bank accounts. A divorce attorney can make sure you properly categorize your property for the court.

What factors are considered when dividing property?

Judges use a variety of factors to decide on an equitable distribution. Some of these considerations are the length of the marriage, each spouse’s income and property, age, health, future earning capacity, each spouse’s contributions to the marriage, and who the children will primarily reside with. The court will also have to assign value to each asset to ensure a fair ruling.

Is it possible to settle on an agreement outside of court?

Couples are encouraged to work with one another and their divorce attorneys to reach an agreement on property division. If both parties can agree on a settlement, the court will review it to make sure it satisfies each spouse’s needs before approving it. If an agreement can’t be made, the court must step in to decide.

If you’ve made the decision to get a divorce, trust Cheryl A. Beverson, Attorney At Law, in Middletown, NY, to guide you through each step of the process. As a skilled divorce attorney with more than 20 years of legal experience, she offers residents throughout the Hudson Valley Region with personalized representation based on the unique details of each client’s case. She’ll explain your options so that you can strategically pursue a successful outcome. Call (845) 341-0008 to schedule a consultation, or visit her website to learn more about her services.