When you are going through a divorce, one of the most complicated issues you may face is figuring out what is considered marital property. It’s understandable to feel overwhelmed by the thought of dividing everything you and your spouse have worked for during your marriage. At times, it may seem like everything is up for grabs. That’s where we come in. If you are facing this type of case, we understand how confusing and stressful it can be. Rest assured, we are here to guide you through this process and help you get the best possible result.
The rules surrounding the division of property can be tricky, but understanding what counts as marital property in New York’s equitable distribution process is a key step toward achieving a fair settlement. The goal in New York is not to simply divide everything down the middle. Instead, the court will take several factors into consideration to decide what is fair for both parties.
Understanding Marital Property in New York
In New York, marital property includes all property acquired during the marriage, regardless of whose name is on the title or who paid for it. This is a crucial point for anyone who is unsure about whether something they own is marital property. If the property was obtained after the wedding and before the divorce, it is likely to be considered marital property.
That means assets such as homes, cars, furniture, and savings accounts, among other things, are typically included in the marital property pool. Even though these items might seem like they belong to one spouse more than the other, they are still considered part of the marital estate because they were acquired during the marriage.
However, there are some exceptions to what can be counted as marital property. Property that one spouse acquired before the marriage, or through inheritance or a gift, usually does not count as marital property. It is important to keep in mind that if a spouse received an inheritance or a gift during the marriage, it may be considered separate property, depending on how it was handled or used during the marriage.
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The Concept of Equitable Distribution
New York follows the principle of equitable distribution, which means that property will not be divided equally but will instead be divided in a way that is fair to both parties. The idea behind equitable distribution is that both spouses contributed to the marriage in different ways, whether through financial contributions or other forms of support. Therefore, the goal is to distribute property in a manner that reflects those contributions.
Equitable distribution does not necessarily mean an even 50-50 split of property. For instance, one spouse may receive a larger share of the marital estate if the court believes it is necessary to ensure fairness, such as when one spouse has stayed home to care for children or has made significant sacrifices for the family. The court may also look at the future earning potential of both spouses, the duration of the marriage, and other factors to determine a fair distribution.
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Separate Property vs. Marital Property
As mentioned earlier, not all property is considered marital property. Property that is obtained before the marriage or through inheritance is typically considered separate property. However, there are situations where separate property may be transformed into marital property. For example, if one spouse inherited a house and then used marital funds to pay for renovations or repairs, the house could be considered partially marital property.
Another situation where separate property might be considered marital property is when it is commingled with marital assets. If separate property is mixed together with marital property in such a way that it is difficult to distinguish, the court may determine that the separate property has become marital property.
It’s essential to keep track of the origins of your property, especially in cases where an asset has been inherited or received as a gift. If there is any confusion or dispute over whether property should be considered marital or separate, it may require legal guidance to clarify.
Valuation of Marital Property
Once it’s determined what property is considered marital property, the next step is to value it. This can be a complex process, particularly for assets like real estate, business interests, or retirement accounts. In some cases, an appraiser may be hired to determine the value of a property, while in other cases, both spouses may need to gather financial documents to help establish the value of assets like bank accounts, vehicles, or retirement plans.
The court’s goal in valuing property is to ensure that both parties receive a fair share of the marital estate. This means that the value of assets must be accurately determined so that each spouse gets their proper portion in the final distribution.
What Happens When Property Is Disputed?
Not every divorce case is straightforward, and there can be disagreements over what should be considered marital property or how much an asset is worth. In cases where there are disputes, the court will need to step in and make decisions. You might need to provide evidence to support your claim that something is marital property or separate property.
If the court cannot come to a clear decision about the division of property, it may order a trial to resolve the issues. This can be a lengthy and expensive process, which is why it’s often in everyone’s best interest to work with a lawyer to try to reach a settlement outside of court if possible.
How Can We Help You Navigate This Process?
At Mahserjian & Mahserjian-Ortiz, PLLC, we understand the emotional and financial stress that comes with divorce and property division. We are here to help you navigate the complex issues related to marital property and ensure that your interests are protected throughout the process.
If you’re unsure about what counts as marital property in your case or how equitable distribution will apply to your situation, we can provide the legal support you need. We will guide you through each step of the process, ensuring that your property is valued correctly and that you receive a fair share of the marital estate. Our goal is to help you get the best possible outcome for your case.
If you are facing divorce and need help understanding how marital property will be divided in New York, reach out to us today. We are here to offer support and provide the guidance you need during this challenging time. At Mahserjian & Mahserjian-Ortiz, PLLC, we are committed to helping you achieve the best possible resolution for your case.
