Dividing Marital Property in New York State
It is completely natural to worry about your assets during and after a divorce. One way that you can ease some of your anxiety is to educate yourself on New York State laws regarding marital property. Having the knowledge and information before and during your separation or divorce process can create a more sound and durable agreement for you and your spouse moving forward.
New York is an equitable distribution state. When a couple divorces, marital property gets divided equitably, or fairly, but not necessarily equally. This doesn’t have to require an equal split of the couple’s assets. There are many factors to be considered and each family situation is different. Just because your neighbor, co-worker or cousin divided property one way, does not mean that how they did it will work for you.
What is marital property? In general, all the property that was acquired during a marriage is considered marital property. Examples would include such things as houses, cars, furniture, appliances, stocks, bonds, jewelry, bank accounts, pensions, retirement plans and IRA’s. There may be items acquired during the marriage that could be considered separate property. This will all be considered, again, on a case by case basis.
At The Mediation Center Inc., you can sit down to review your marital properties in a private setting and become more familiar with options for dividing your property during a separation or divorce. Mediation allows for active participation by the couple to create customized agreements to best meet both of your goals. Unlike a court based process that has cookie cutter answers that are imposed rather than mutually agreed on.
No matter the nature of your relationship with your spouse, knowing the ins and outs of marital property can help your divorce go as smoothly as possible. Renee LaPoint, owner and operator of The Mediation Center Inc., would be happy to sit down and answer any questions that you may have about separation or divorce, including property division. We hope that you will choose a collaborative path to end your marriage and begin the new chapter of your life with sound financial information and decisions.