Factors That the NY Court Considers In Dividing Marital Assets
Marital assets are all property acquired during the time of the marriage and prior to signing a separation agreement or before a divorce action is filed in court. This definition of marital assets encompasses property that is in the name of one spouse or both of the spouses.
The fair division or disposition of this property by the courts is called “equitable distribution.” The equitable distribution of property is determined in cases of divorce, dissolution of a marriage or annulment, declaring nullity in the case of a void marriage, or in a proceeding obtaining the disposition of marital assets after a foreign divorce.
The courts are guided in determining equitable distribution of marital assets during a divorce by the New York Domestic Relations Law. Based on this law, the court is required by to consider a number of factors when determining distribution of marital property including:
- Property (assets) and income of each of the spouses at the time of marriage and at the time of the start of a divorce action
- The age of both spouses and the marriage duration
- The health of both spouses
- The need of parent who has child custody to own or occupy the marital residence and the requirements of the custodial parent to own or have access to the household effects
- The fact that each spouse will lose the right to inherit from the other after the divorce
- A loss of pension rights upon dissolution of the marriage
- An award of maintenance to one spouse
- A non-titled spouse having claims, interest, or contribution to the acquisition of marital property including expenditures, joint efforts, and contributions as a wage earner, parent, spouse, or homemaker to the potential career or career of the other spouse
- Whether the marital property is non-liquid or liquid in character
- The likely future financial situation of each of the spouses
- The difficulty or impossibility of evaluating any asset or any interest in a corporation, profession, or business as well as the possibility of rendering free from claim by the other spouse any asset or business interest
- How taxes will impact each spouse
- If either spouse is engaging in the wasteful dissipation of assets
- If either spouse unfairly makes a transfer or hindrance of assets while a divorce is being contemplated
The court can also make judgments on any other factor which is expressly finds to be just and proper. In other words, what is sought is a fair solution to the distribution of the property and assets of a marriage.Seek the advice of a knowledgeable divorce attorney
If you are undertaking a divorce or separation, you should be confident that you will be receiving the assets to which you are entitled. Determining equitable distribution in a divorce action is often very complicated and sometimes contentious. You need to be sure that there is total transparency of all assets, that none are obscured, even if inadvertently. In insure that in your divorce or separation, there is a thorough and detailed accounting of all assets and fair or equitable distribution of them, you need divorce lawyer Ingrid Gherman on your side. Call her office for a consultation at (212) 941-0767 or send the on-line form.