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In New York, marital property refers to assets acquired by either spouse during the marriage. Key points about marital property in New York divorce law include:
Equitable Distribution: New York follows the principle of equitable distribution when dividing marital property in a divorce. This doesn't necessarily mean an equal 50/50 split, but rather a fair and just division based on various factors.
Separate Property: Assets acquired before the marriage or received as gifts or inheritances during the marriage are generally considered separate property and may not be subject to division in divorce.
Factors Considered: When determining how to divide marital assets, courts consider factors such as the length of the marriage, each spouse's contributions to the marriage, earning capacities, health, and future financial needs.
Types of Marital Property: Marital property can include real estate, income earned during the marriage, retirement accounts, investments, businesses started during the marriage, and other assets acquired while married.
Debt Division: Debts incurred during the marriage, such as mortgages, loans, or credit card debt, are also subject to equitable distribution.
Prenuptial Agreements: Couples may have a prenuptial agreement outlining how marital property will be divided in case of divorce, which can impact the court's decision.
Understanding New York's approach to dividing marital property can significantly impact divorce proceedings. Seeking guidance from a qualified attorney specializing in New York divorce laws is advisable to ensure fair and equitable distribution of marital assets.
