You've probably heard plenty of horror stories about divorce cases gone bad—and chances are, many of them were about an inequitable outcome in a property division case. During property division, two parties determine how to divide their marital property. Your property division case can impact your financial stability for years or even decades after finalizing your divorce, so understanding how property division works in New York is vital if you want to achieve the best outcome in your case.
At Lettario & Haug, LLP, we'll work with you to develop a comprehensive case strategy tailored to the specific circumstances of your property division case.
To schedule a consultation with our team, contact us online or via phone at (845) 203-0997.
New York & Equitable Distribution Laws
New York uses equitable distribution laws during property division cases, meaning that the court doesn't have to split property "equally" between parties - just equitably.
Marital property - typically qualified as property acquired post-marriage - is eligible for division, although exceptions may be made for property such as an inheritance that was specifically intended for one party.
More property than many divorcees think is often considered marital during property division cases. For example, credit card debt acquired by one party under their name only could well be considered marital property and divided between both spouses if it was acquired during the marriage.
As a result, the circumstances of property division cases often play a large role in their outcomes in New York. The court may consider a wide range of factors, such as:
- Both parties' financial status;
- The assets and liabilities each party owns;
- How easy it will be for each party to recover from the divorce;
- Whether the parties have any marital agreement dictating how the court should handle property;
- If the parties have a child custody, spousal support, or child support arrangement;
- If another factor, such as abuse, played a role in the divorce;
- And any other factors the court considers relevant to the case.
You should speak with your attorney about how to proceed with your property division case. Taking precautionary measures, such as making copies of important documents like deeds or financial statements, as well as monitoring bank accounts, may help you obtain a better outcome in your case.
To work with one of our experience property division attorneys on your case, contact us online or via phone at (845) 203-0997.