Divorce in New York involves equitable distribution of assets. This means that property is divided equitably, not necessarily an equal division. This type of property division is fair and considers what the spouses contributed to the marriage and what they will need to move on after the divorce.
Before adopting this method of division, New York used "common law property" where the property was given to the spouse who had a title on it. That proved to be unfair in some instances and now the state uses equitable distribution. If you have questions regarding your divorce or property division, contact a Staten Island divorce lawyer from The Law Offices of Adelola Sheralynn Dow.
When a couple chooses to divorce, the court will divide the property fairly. The judge will take into account all of the following factors when making a decision:
- The income of both spouses
- The property each spouse had when they got married
- The duration of the marriage
- The age and health of both spouses
- Custody needs
- Spousal maintenance orders
- The future financial circumstances of the spouses
- Any pension or insurance losses due to the divorce
There are many other factors that the court may consider when determining a fair division of the assets. It is important to note that only the marital property gets divided by the court. If you or your spouse has separate property, you get to keep that. Marital property includes things that were acquired during the marriage, regardless of who is actually on the title. The income if each spouse and any property bought with the income during the marriage is marital property.
If you have further questions about equitable distribution or the determination of marital and separate property, contact The Law Offices of Adelola Sheralynn Dow. Attorney Dow is a skilled Staten Island divorce attorney who can help walk you through the process.