Dividing marital property is often the most contentious aspect of a divorce in New York. The state adheres to the principle of equitable distribution, which allows courts to divide shared assets in a manner they consider fair and just, taking into account each spouse’s contributions to the marriage. This approach means the division is not necessarily an equal split. To secure your rightful share of the marital estate, it is in your best interest to consult with an experienced Suffolk County Marital Property Attorney. Please continue reading to learn how New York courts determine what constitutes an equitable division of property. 

What Counts as “Marital Property” in New York?

In New York, marital property encompasses any assets acquired by either spouse from the date of the marriage until the final separation, or property designated as such by a prenuptial or postnuptial agreement. Conversely, separate property consists of assets owned individually before the marriage and not subsequently commingled or converted (gifts, inheritances, personal injury awards). Marital property is subject to equitable distribution, while separate property is excluded.

How Do New Jersey Courts Decide What Is Equitable?

“Equitable distribution” basically means dividing up assets in a fair way, given the unique circumstances of a case. People often think that in a divorce, everything will be split 50/50, but that is not always the case, which can catch a lot of people off guard. The state will look at a bunch of important factors and then divide the marital property in a way that is just for both parties. Securing proper legal counsel is essential to safeguard your rights during this process.

In deciding how to divide marital property, the court takes the following factors into account:

  • The age and health of each spouse.
  • The length of the marriage
  • The present and future earning capacity and income of both spouses.
  • Each spouse’s contributions to the acquisitiona nd upkeep of marital assets.
  • Any relevant considerations related to child custody
  • Tax implications

What Mistakes Should I Avoid?

Trying to hide money, transfer property, or accumulate debt to manipulate the system is dangerous. Courts can reverse suspicious transactions, penalize the dishonest spouse, and award a larger share of assets to the other party. Full, honest disclosure is mandatory. If you suspect hidden assets, discuss tracing options with your attorney.

Additionally, don’t automatically assume you will receive “half of everything.” A 50/50 split is not guaranteed; numerous factors influence the division. A realistic understanding of your case’s merits facilitates more strategic settlement negotiations and mitigates the risk of incurring substantial litigation costs rooted in unfounded expectations.

If you are facing a divorce and have apprehensions regarding the equitable distribution of your marital assets, seeking legal counsel immediately is advisable. At the Law Offices of Susan A. Kassel, P.C., we are prepared to protect your rights and interests. Contact our firm today for more information.