During divorce, you not only separate your life from someone you once shared it with, but also your assets and property.
However, as the things that we own are part of the fabric of our lives, splitting them up is one of the more complicated aspects of a divorce, and is almost always a time consuming process to work through.
As you prepare for a divorce and the separation of your assets, it can be helpful to first understand your state’s basic laws on the subject.
Here, we explain how the New York courts typically split assets and property .
Separate vs. marital property
In New York, the first step to the separation of assets is to put each piece of property into one of two categories: separate and marital.
The difference between the two is fairly simple, with some exceptions.
If an asset was bought or obtained before the marriage, it is separate and will likely be awarded to the party who owns it.
Conversely, if an asset was obtained during the marriage, it is generally considered marital property
The considerations for separating marital property
The separation of assets considered marital property can look different depending on which type of divorce you have opted for.
If you opt for a divorce thorough the court, the Judge will consider several factors when determining how to separate marital property between the two parties, rather than simply dividing the assets and property half and half.
According to the New York City Bar, the 13 factors the courts typically consider include:
- Income and property of each party during the marriage
- Length of the marriage, age and health
- Minor children and custody
- Loss of inheritance or pension
- Loss of health insurance
- Support or spousal maintenance
- Contributions to marital property
- Liquid and non-liquid property
- Financial future
- Ease of determining value of assets
- Tax implications
- Use of property during the divorce
- Transfer or disposal of property in anticipation of divorce
If you have questions about the division of assets and property in a divorce, call Bashian P.C.