Property Distribution

When a married couple files for divorce, all of their jointly held marital property, assets and debt must be divided and allocated. This process of allocation is called equitable distribution. Regardless of whose name is on the title, deed or property, all marital assets are subject to equitable distribution. Homes, pensions, and monetary interest, cars, jewelry, time shares, as well as other everyday belongings can all be split and divided during a divorce.

Under New York State equitable distribution laws, marital property is not split evenly in half.  There are a number of factors to consider when determining how a couple’s assets will be divided. Before any assets are divided, it is important to determine what is considered marital property and what separate property is.

Marital Property
Any property that is acquired or contributed by either spouse during the marriage is considered marital property. Any property that a spouse acquired before the marriage or after it was terminated is not considered marital property. Money, homes, cars, debt, bank accounts, college degrees, jewelry, and personal possessions are all considered to be marital property if it was acquired during the marriage.

Separate Property
Any property that was obtained by either spouse prior to the marriage or after the divorce is considered separate property. Separate property is not subject to equitable division and will remain in the spouse’s possession.  Separate property includes any gifts an individual receives from a person other than his/her spouse, inherited property, compensation from personal injuries, or any property that was acquired before the marriage or after the divorce. However, sometimes when separate property is mixed with marital property it can be divided as marital property during a divorce. For example, when a property is bought before the marriage, but increases in value during the marriage, the owner’s spouse is entitled to equitable division of the increase in value.

When a couple cannot come to an agreement regarding the splitting of assets, they must turn to the court to determine how their assets and properties will be divided. There are certain factors that court considers in order to make sure all marital assets are fairly allocated. These factors include:

• Income of each spouse at the beginning of the marriage and at the time of divorce
• Length of marriage
• Each spouse’s standard of living during the marriage
• All property separately owned by each spouse at the beginning of the marriage and at the time of divorce
• Debts and liabilities of each spouse
• Age of each spouse
• Health of each spouse
• Each spouse’s income earning ability
• The custodial parent’s need to remain living in the couple’s residence
• Each spouse’s contributions to the household and the marriage
• If a spouse is wasteful if the assets
• Each spouse’s probable future financial situation
• How much spousal support has been awarded
• Value of assets and/or property in question
• Tax-related issues

Determining how marital property will be divided can be a very frustrating and emotionally exhausting experience. Many people going through a divorce have sentimental connections to their properties and feel vulnerable to being stripped of that property. Hiring your own attorney will ensure your needs, assets, and legal rights will be protected and fought for.

If you are filing for divorce in Long Island and need the assistance of a family law attorney with property distribution experience, contact the Office of Palermo, Palermo & Tuohy today. The skilled attorneys at the Law Offices of Palermo, Palermo & Tuohy can provide you will expert legal advice, up-to-date information  and resources on New York state laws, protect your assets, help to file and draft important documentation, and ensure your individual rights and best interest are protected.