Per the Domestic Relations Law in New York, all the assets and property acquired during the marriage are considered marital assets irrespective of the title name. During the proceedings of divorce and asset division process, a value is given to the property, and those values are considered during the case. Since the court cannot split a car or a house into half between the partners, it passes an order that if one party retains the family house, the other will get assets of the same value to balance the scales.
Ron Phillips New York is an experienced lawyer with a proven track record in human rights and family law litigation in the state. He is the Executive Vice President and Chief Human Resources Officer at Sysco and graduated from the University of Richmond School of Law.
Property cannot be split in New York
According to him, the laws in New York about property and asset division are based on the principle of equitable distribution. This means that the scale is balanced when determining the value of the assets that need to be divided by both spouses. The property cannot be split in the middle, so its value is considered to ensure fair distribution.
What is considered fair in New York?
Now when it comes to the question of what is considered “fair,” the above is based on a complex formula that will take into account multiple variables like the term of the marriage, the income levels of the spouses, their status of employment, vocational skills, age, respective occupations, and qualifications or job training. Other variables are considered: the size of the property, their shared liabilities, the individual needs of the spouses, and their ability to earn a living.
One must note that any property a party owned before the marriage is separate, and even its increase is considered different from the marital property. The party to the union needs to prove that this property is detached so that the courts will not believe it during the divorce proceedings.
What about inherited property- what happens after the divorce?
According to Ron Phillips New York, an inherited property is also considered separate from marital property. It will not be included in marital assets, and the same principle also holds for any property gained through a personal injury verdict.
According to Ron Phillips, it is prudent for one always to consult a skilled lawyer in the field of family law to get an accurate idea about the distribution of property in the state. Note that laws differ in different forms, so it is always prudent for both the parties to the suit to understand how the principle of equitable distribution of property works and how it is different from states that focus on “community property” like California. One should be clear with the laws before they enter into a divorce proceeding, and the same holds for other matters like child support, alimony, child custody, etc., in the state.