Dividing Marital Property | NY Uncontested Divorce


What Property is Marital Property in a NY Divorce?

dividing marital property ny uncontested divorce

Domestic Relations Law defines the term "marital property" to mean all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held, except as otherwise provided in an agreement (prenuptial or postnuptial agreement), or that which is Separate Property. Basically, any property that is earned or acquired during the course of the marriage is marital property. This may include the marital residence, vehicles, retirement accounts, bank accounts, stocks, bonds, mutual funds, interests in businesses, and other items of property acquired during the marriage. Professional licenses, and college & advanced degrees are no longer considered marital property because of legislation passed in 2016.

What Property is Separate Property in a NY Divorce?

Separate Property is often referred to as the property that was acquired before the marriage, however, some property is still separate that had been acquired during the course of the marriage. The following is a list of property that is characterized as Separate Property:

How is Marital Property Divided in a NY Divorce?

The Marital Property is Divided by a process known as Equitable Distribution. The Court uses Equitable Distribution to distribute marital property upon the dissolution of the marriage based on what is fair under the circumstances. Equitable Distribution does not mean "equal distribution" but sometimes to avoid conflict marital property is divided equally. The following "Factors", are used by the Court to determine how marital property is divided: