What Are Marital Assets
Before diving into the process of division, it is essential to understand what marital assets are. In New York, marital assets generally include anything that was acquired during the marriage. This includes property, bank accounts, retirement funds, cars, and other valuables. However, separate property is also a consideration. Separate property includes items that were owned before the marriage, inheritances, and gifts given to one spouse by a third party. Separate property is typically not divided during a divorce.Equitable Distribution in New York
New York follows a system called equitable distribution when dividing marital assets. This means that the court aims to divide assets in a way that is fair, but not necessarily equal. This can sometimes lead to an uneven split, depending on various factors such as the length of the marriage, each spouse’s contribution to the household, and the financial and non-financial contributions made during the marriage. Equitable distribution does not always mean a 50/50 split. Instead, it focuses on fairness based on the circumstances of each individual case.The Role of the Courts in Asset Division
When spouses cannot agree on how to divide their assets, the court will step in to make the final decision. In New York, judges have the authority to decide how assets should be distributed based on a variety of factors. These factors include the income and property each spouse brought into the marriage, the standard of living established during the marriage, and the financial needs of each spouse after the divorce. In some cases, the court may even consider the behavior of the spouses during the marriage, especially if one spouse has been irresponsible with marital property.
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Valuing Marital Assets
One of the first steps in dividing assets is determining the value of the marital property. This process can involve appraisers, accountants, or other professionals who are skilled in valuing different types of property. This can be particularly important for assets like real estate, businesses, or retirement accounts. For example, if one spouse owns a business, the value of that business will need to be assessed to determine how much of it is marital property and how much is separate property.Negotiating Asset Division
Many couples are able to reach an agreement on asset division without the need for a court trial. Through negotiations or mediation, spouses may be able to come to a mutual agreement on how to divide their assets. In New York, the court encourages couples to work together to come to an agreement rather than having a judge make the decision. Mediation can be a less stressful and less expensive option than going to court, and it allows the spouses to have more control over the outcome. However, if an agreement cannot be reached, the case will proceed to court, where a judge will make the final decision.Related Videos
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