Property division in New York follows equitable property division guidelines. As divorcing couples enter the property division process, they should know how equitable property division works and what that may look like for their property division settlement agreement.
Property division in New York
The equitable property division process is guided by the consideration of a number of factors including:
- The income and property of each of the spouses when they married and when they are divorcing;
- The age and health of the each of the spouses;
- The domestic requirements placed upon the custodial parent if there are any children from the marriage;
- If alimony has been awarded to one of the spouses; and
- The likely future financial needs of each of the spouses.
The intention of the equitable property division process is to divide the divorce couple’s marital property fairly. To do this, the family law court takes into account a variety of factors. The goal is that the property division be equitable which does not necessarily mean that it will be equal.
During the property division process the divorcing couple may agree to how they want their property divided or may disagree and the divorce court can help them using these factors as a guide. Property division can include a family home, cars, other real estate, art, household furnishing and other items including investments or retirement accounts. For the reason, each of the divorcing spouses should understand the process so they can advocate for their interests during the property division process.