Long Island Property Division Lawyers
Division of Assets in New York
During a divorce, one of the most important decisions you will make is how to divide your marital property. This is a complex issue that requires the help of an experienced family law attorney in New York. If you are facing a complicated property division situation, our legal team at Berkman Bottger Newman & Schein is ready to protect your rights, property, and best interests.
Need help dividing your property in New York? Call (212) 466-6015 today.
We are one of the only Manhattan divorce law firms offering all three options for divorce: litigation/negotiation, collaborative law, and mediation - providing custom strategies and solutions for our clients.
All families and marriages are unique - our attorneys take the time to listen to our clients to fully understand the circumstances of their case. Only then do we advise the best legal option for their goals.
Divorce is a time of transition. We understand the emotional and financial stress that clients experience during the divorce process – from day one our team ensures that we provide our clients with prompt feedback so that they are updated on their case every step of the way.
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How Is Property Divided in New York?
When a couple is getting divorced, they must decide how to divide their property. In New York, property division laws are governed by the principle of "equitable distribution." Unlike community property states where marital property is divided equally, New York follows the equitable distribution model, which aims to divide property fairly but not necessarily equally between spouses during a divorce.
Property can include:
- Real property (e.g., house, condo)
- Personal property (e.g., furniture, cars)
- Financial assets (e.g., retirement accounts, investments)
There are two main types of property: marital property and separate property. Marital property includes all assets and debts acquired during the marriage, regardless of who holds legal title to them.
Separate property refers to assets or debts acquired before the marriage, inheritances or gifts received by one spouse during the marriage, personal injury awards, or property obtained through an agreement that designates it as separate. Generally, separate property is not subject to division, and it remains with the spouse who owns it.
When determining property division, a judge will take into consideration:
- The length of the marriage
- Who earned what
- Any prenuptial agreement
- The contribution to the property by each spouse
- The value of the property
- Any other factors that the court deems relevant
The courts in New York may consider a number of factors in dividing property, including:
- Any prenuptial agreement (prenups) that may have been signed
- Whether the marriage lasted 10 years or longer
- Whether there is a child from the marriage
- Whether a spouse is a homemaker
- Whether a spouse contributed to the earning power of the other
- Whether a spouse made a contribution to the other's property (e.g., helping to pay for the education that helped the other spouse earn more money)
- Whether a spouse was financially irresponsible (e.g., spent a lot of money or was reckless with credit)
- Any misconduct by either spouse during the marriage (e.g., adultery, domestic violence)
Berkman Bottger Newman & Schein is ready to assess your case, determine the value of your marital property, and protect your rights and assets. Do not hesitate to let us help you obtain the most favorable outcome.