What are the Laws in New York about How Marital Property Will be Distributed After Divorce?
If the parties do not come to an agreement, a New York Court will distribute the marital property equitably considering: (1) the income and property of each party at the time of marriage, and at the time of the commencement of the action;(2) the duration of the marriage and the age and health of both parties; (3) the need of a custodial parent to occupy or own the marital residence and to use or own its household effects; (4) the loss of inheritance and pension rights upon dissolution of the marriage; (5) the loss of health insurance benefits upon dissolution of the marriage; (6) any award of maintenance; (7) any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party;(8) the liquid or non-liquid character of all marital property;(9) the probable future financial circumstances of each party; (10) the impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party; (11) the tax consequences to each party; (12) the wasteful dissipation of assets by either spouse; (13) any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration; and(14) any other factor which the court shall expressly find to be just and proper. (New York Domestic Relations Law Article 213 Section 236)
The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.
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