When a couple gets divorced, one of the most hotly-contested issues is who will get to keep certain property, such as the family home, vehicles, and more. Courts consider a wide range of factors when determining how property will be divided in a divorce, but having a skilled team of Long Island property division lawyers in your corner can make a world of difference. Contact the Long Island divorce lawyers here at Sklavos Law Group, PC so we can discuss your case and begin building a comprehensive strategy on your behalf.
Property Division Lawyers on Long Island, NY
Since July 19, 1980, New York joined a majority of states in providing for the distribution of marital property upon the termination of marriage. New York uses a system that is called equitable distribution. Equitable distribution will not occur unless the marriage is actually terminated. Separation is not enough to equitably distribute the property.
Property that is subject to equitable distribution by the Court, is “marital property”. Marital property is defined as all property acquired by either or both spouses commencing from the date of the marriage and continuing until the execution of a separation agreement or the filing of a matrimonial action, regardless of in whose name the property is held. There are two exceptions to this definition: 1) property that the law defines as “separate property”, and 2) property that the parties have determined by formal agreement to be “separate property.”
Essentially, equitable distribution means that the property will be distributed fairly. This does not mean that the property will necessarily be split 50/50, however, this is very often the result. Unlike “community property” States, where all marital property is split 50/50, New York looks at what is equitable or fair to both parties after taking into consideration a great many factors.
What Factors Do Courts Consider When Dividing Marital Property in NYS?
When determining how to equitably divide marital property, New York courts consider a variety of factors to ensure a fair outcome. Some of these factors are as follows:
The Income and Property of Each Spouse at the Time of the Marriage and at the Time of Divorce: This includes both marital and separate property, helping the court assess the financial landscape of each party.
The Duration of the Marriage: Longer marriages may lead to a more equal distribution of assets, as the couple likely built their financial lives together over an extended period.
The Age and Health of Each Spouse: Courts take into account any disparities in age or physical/mental health that could impact future earning capacity or financial needs.
The Need of a Parent to Occupy the Marital Residence: If one spouse retains primary custody of children, the court may grant them the right to remain in the marital home.
The Loss of Inheritance or Pension Rights: Consideration is given to the loss of benefits such as inheritance or pension contributions due to the divorce.
The Contributions of Each Spouse to the Marriage: This includes not just financial contributions but also non-financial contributions, such as raising children or managing the household.
The Future Earning Capacity of Each Spouse: Courts evaluate each spouse’s potential to generate income and their financial independence post-divorce.
The Tax Consequences to Each Party: Property division decisions take into account potential tax burdens or benefits that might affect either spouse.
Wasteful Dissipation of Assets: If one spouse has squandered marital assets through reckless or frivolous spending, the court may adjust the division accordingly.
Any Transfer or Encumbrance of Marital Property Made in Contemplation of Divorce: Property transactions conducted to deprive the other spouse of fair distribution are closely scrutinized.
The Equities and Circumstances of the Case: Courts retain discretion to consider any other relevant factors that may contribute to an equitable distribution.
Any Agreements Between the Parties: Prenuptial or postnuptial agreements that designate certain property as separate are also honored during distribution.
Protecting Your Assets
Taking proactive steps to protect your assets is essential, particularly if you anticipate the possibility of divorce. In New York State, there are several means by which individuals and couples can safeguard their financial interests. These are as follows:
Create a Prenuptial or Postnuptial Agreement: These legally binding agreements allow you to designate certain assets as separate property, ensuring they are protected from equitable distribution in the event of divorce.
Keep Separate Property Truly Separate: Assets such as inheritances, gifts, or property acquired before the marriage must be kept distinct from marital property. Commingling these assets, such as depositing inheritance funds into a joint account, may render them subject to division.
Maintain Accurate Records: Keeping detailed records of all financial transactions can help establish the separate nature of certain assets, if applicable.
Consider a Trust: Placing assets in a trust can provide an additional layer of protection. Trusts can be designed to shield specific property from being classified as marital property.
Avoid Wasteful Spending: Any significant dissipation of marital assets leading up to or during a divorce may harm your financial position and affect the court’s division of property.
Hire a Qualified Attorney Early: An experienced divorce lawyer can help you identify potential vulnerabilities in your financial situation and develop strategies to protect your assets before a divorce becomes contentious.
Contact Our New York Property Division Lawyers
Sklavos Law Group, PC has extensive experience representing clients facing divorce and all family law matters, and we stand ready to put that experience to work for you. For a skilled team of property division lawyers who can effectively protect your hard-earned assets, simply contact our firm today.
