What is equitable distribution in New York divorce?
Equitable distribution is a method for dividing a married couple's property when they divorce. Prior to the adoption of equitable distribution in New York, New York was a "common law property" state. Under that system, the property owned by either spouse was distributed at divorce according to the manner in which title was held.
How do I get the most equitable divorce settlement in NJ?
That's why you’ll get the most equitable divorce settlement by mediating with us. "New Jersey is an equitable distribution state, and so is Illinois, Pennsylvania, New York, Michigan, and 36 other states. So whatever the parties deem to be fair and equitable is how their marital property and liabilities will be divided.
How is property distributed in a New York divorce?
Under that system, the property owned by either spouse was distributed at divorce according to the manner in which title was held. If only one spouse's name appeared on the title, that spouse received the property. New York is now an equitable distribution state.
What is equitable property division in New York?
Instead, the basis for an equitable property division is what a judge determines is fair, considering what each spouse contributed to the marriage and what each spouse will need to move forward. This article answers some common questions about New York's equitable distribution system.
Is New York an equitable distribution state for divorce?
Community Property. New York is an equitable distribution state. This means, during a divorce in NY, property division is handled in a way deemed “most fair” to both sides. This is not the same as a community property state, which divides marital property split 50/50 between spouses.
Are assets split 50/50 in divorce in NY?
Unfortunately, equitable distribution in divorce doesn't always result in an equal or fair division of property. In New York, family law judges are not required to split your assets 50/50, or “down the middle,” which is why it would be wise to secure the help of a seasoned divorce lawyer in Long Island.
What is a wife entitled to in a divorce in New York?
New York is now an equitable distribution state. When a spouse files for divorce, the court must divide marital property equitably or fairly. But equitable doesn't necessarily require an equal split of the couple's assets.
Is NY an equitable distribution state?
In New York, we used to be a common-law property state. We now recognize equitable distribution laws when it comes to property division. This means that only those assets that were acquired during the marriage are considered marital property.
How much is alimony in NY?
For marriages from 0 to 15 years, it is 15-30% of the duration of the marriage. If you've got a 10-year marriage, it would be 1.5 to 3 years of maintenance. If you have a 15-20-year marriage, it is 30-40% of the duration of the marriage. And more than 20 years, it is 35-50% of the duration of the marriage.
How long is spousal support in NY?
Spousal support is money paid to one spouse from the other as long as they are married and there is no time limit to how long spousal support is paid. Spousal support cases are started with a spousal support petition in Family Court.
Does a husband have to support his wife during separation?
As the Family Law Act puts it: …a person has a responsibility to financially assist their spouse or former de-facto partner, if that person cannot meet their own reasonable expenses from their personal income or assets.
Does adultery affect divorce in NY?
Many New Yorkers are often surprised to learn that, although for a long time adultery was the only grounds for the granting of a divorce in New York, today it is one of the least effective ways to try and get out of a marriage, even if your spouse is cheating right in front of you or in public.
Does it matter who files for divorce first in NY?
It generally does not matter who files first in a New York divorce case. The filing spouse does not get an advantage to "set the rules" of the divorce. New York courts apply principles that do not favor one party over the other.
Are separate bank accounts marital property NY?
Separate Property. Liquid assets in bank accounts are treated like all other property in the marriage under equitable distribution laws. However, only marital property can be distributed in this manner; separate property remains with the individual to whom it belongs.
Does a spouse automatically inherit everything in NYS?
For a New York resident without a will, a surviving spouse inherits the entire probate estate if there are no children or other descendants. If there are descendants, the surviving spouse gets the first $50,000 and the balance is divided one-half to the spouse and one-half to the decedent's descendants.
Do you have to be separated for a year to get a divorce in NY?
You can seek a no-fault divorce in New York if you and your spouse have been separated for at least one year or if there's been an "irretrievable breakdown of the marriage" for at least six months. Couples can also seek a divorce after entering into a separation agreement and living apart for at least one year.
Do you have to be separated for a year to get a divorce in NY?
You can seek a no-fault divorce in New York if you and your spouse have been separated for at least one year or if there's been an "irretrievable breakdown of the marriage" for at least six months. Couples can also seek a divorce after entering into a separation agreement and living apart for at least one year.
What should you not forget in a divorce agreement?
5 Things To Make Sure Are Included In Your Divorce SettlementA detailed parenting-time schedule—including holidays! ... Specifics about support. ... Life insurance. ... Retirement accounts and how they will be divided. ... A plan for the sale of the house.
What is considered marital property in New York?
In New York, marital property is defined as: "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...
What happens when you divorce and you own a home together?
Upon divorce, you are on your own. In a scenario where the property is registered in the joint names of a married couple and both are also co-borrowers, the court will decide the contribution made by each party and divide the asset accordingly. Both parties would be responsible to pay the loan, though.
What Is Equitable Distribution?
Equitable distribution is a method for dividing a married couple's property when they divorce. Prior to the adoption of equitable distribution in N...
What Property Is Subject to Equitable Distribution?
Only marital property is divided by the court. Each spouse gets to keep his or her own separate property.Marital property includes all property acq...
What Is Separate Property?
Separate property is not divided when a couple divorces. Instead, each spouse gets to keep his or her own separate property, except to the extent t...
Is A Business Or Professional Practice Subject to Equitable Distribution?
Yes. Businesses, professional practices, and enhanced earning capacity attributable to the attainment of a career, or professional license, educati...
What is equitable division in New York?
Equitable division is how New York family court judges divide marital property when a couple gets divorced. Before New York adopted laws that require equitable division, they were a common-law property state. In other words, the court would distribute the property to whichever spouse held the title to the property.
What happens when a couple gets divorced in New York?
When a couple gets divorced in New York, a family court judge will divide their marital property equitably. Judges don’t always divide marital property in a 50/50 split. Instead, they use multiple factors to determine what type of property division is fair for both spouses. New York’s equitable division process can be complicated ...
What is Considered Marital Property?
Not all property that the spouses own is subject to equitable division. Courts can only divide property that is considered marital property. Spouses get to keep all of the property they owned separately. In most cases, marital property includes any property either spouse acquired during the marriage, regardless of who paid for the property. Marital property typically consists of the following:
What Factors Do Judges Use to Divide Property in a New York Divorce?
Under New York law, judges consider multiple factors when deciding how to equita bly divide the marital property, such as:
What is the probable future financial circumstances of both spouses?
The probable future financial circumstances of both spouses. Whether the marital property includes a business or corporation and the difficulty of valuating that interest. The tax consequences of the divorce to each spouse. Whether either spouse has wasted marital assets leading up to the divorce.
What is the definition of a divorce?
The requirement for the parent with physical custody of the child or children to live in the family home. The health insurance, inheritance rights, or pension that either spouse will lose due to the divorce, valued at the date of the divorce. The non-liquid or liquid character of the marital assets.
Can a judge divide up a spouse's property?
Judges cannot divide up the separate property that the spouses brought into the marriage. Instead, each spouse is entitled to keep his or her separate property unless the other spouse contributed to an increase in the property’s value.
What is equitable distribution in Westchester County?
In Westchester County, as is the case in all counties in New York, the Court determines how to distribute the marital assets and marital debts of the spouses in a manner that is fair and equitable. This concept is referred to as "Equitable Distribution."
What is equitable distribution?
Equitable distribution law provides that all property acquired by either or both spouses during the parties' marriage until the date of the commencement of the divorce action shall be considered "marital property," regardless of whose name the property is in, and shall be subject to equitable distribution by the court.
What is equitable division in divorce?
The equitable division of the assets in divorce is just one piece of a larger picture. In the example above, we discussed the “assets” side of the equation. But also included is the equitable distribution of liabilities. And for many spouses, the debts accumulated during or brought into the marriage is greater than the assets.
What is Equitable Distribution?
Definition of equitable distribution: The fair, but not necessarily equal, division of marital assets and liabilities acquired during a marriage.
What happens if you hire a divorce lawyer?
If you hire divorce lawyers who can’t help you and your spouse come to agreement, you’ll have no choice but to battle it out in family law court. And in a litigated divorce, the division of assets and liabilities is determined by a judge.
Which states are equitable distribution states?
"New Jersey, Illinois, Pennsylvania, New York, Michigan, and 36 other states are equitable distribution states, so whatever the parties deem to be fair and equitable is how their marital property and liabilities will be divided.
How much did Jennifer and Mike get married?
Let’s go back to Jennifer and Mike and talk about their $25,000 wedding.
Is it fair to split your credit card with your spouse?
What you think is fair to you might not be fair to your spouse, and vice versa. Not only that, but your definition of fair might var y from issue-to-issue. For example, you might think a 50-50 split of your joint checking account is fair but you want your spouse to take on 75% of the credit card debt.
Is all assets and liabilities created equal?
But not all assets and liabilities are created equal. Some may be pre-tax, while others are post-tax. Some may change in value frequently, while others are quite static. So what may appear fair on the surface doesn’t necessarily mean it is. And there’s a lot more to this topic than splitting everything down the middle.
Why do you have to disclose assets in a divorce in New York?
In New York, each spouse must disclose to the other the amount and type of assets they have so that there can be an equitable division of those assets as part of the final divorce decree. Accurate and complete disclosures are essential to making sure there is a fair division of assets.
How does a marriage end in New York?
In New York, a marriage can end through an annulment, legal separation or a divorce. New York has been a no-fault state since 2010, meaning that a couple only need cite that a marriage is irretrievably broken to end a marriage.
Why is bifurcation not allowed in New York?
Part of the reason bifurcation is frowned upon is that it can result in two trials instead of one and it also removes any sense of urgency in resolving economic issues because incentives for settlements are removed. Couples must consider that they will have to pay court costs and attorneys’ fees for two trials instead of one when considering a bifurcation action.
What factors are considered when determining the distribution of assets in a divorce?
Some of these factors may include: the age and health of each spouse. how long the marriage lasted. the income and property each spouse brought into the marriage. whether alimony will be awarded.
How long does spousal maintenance last?
For marriages lasting 15 to 20 years, maintenance will last 30% to 40% of the length of the marriage. For marriages lasting more than 20 years, maintenance will last 35% to 50% of the length of the marriage. Courts can adjust spousal maintenance based on a number of factors. Some of those include:
What is the custody law in New York?
The order defines two types of custody in New York: legal custody and physical custody.
Can a spouse cite a spouse's at fault?
However, a spouse can also cite one of several at-fault reasons as well, such as cruelty , adultery, or a spouse’s incarceration. This is sometimes done to gain more favorable terms during a settlement.
What happens if you divorce your spouse?
Need of the parent with custody of the children to live in the marital home. If either spouse has a fair claim to marital property (based on the spouse’s contributions) Health insurance and inheritance rights either spouse may lose because of the divorce.
What rights do you lose if you divorce?
Health insurance and inheritance rights either spouse may lose because of the divorce
What Factors Will a Judge Consider Before Dividing Property?
To be able to fairly divide marital property, a judge will consider the following factors:
Is marital property subject to equitable distribution?
Marital property is subject to equitable distribution, which may include but is not limited to the following:
How many divorces go to trial in New York?
Very few divorces actually go to trial. This is especially true now that there is no fault divorces in New York. Less than 5% of divorces go to trial. However, many divorces will settle on the first day of trial.
How long has it been since New York divorced?
Number 2: No Fault Divorce. It has now been 10 years, since New York adopted “no fault” divorce. This means that you no longer have to state a reason for your divorce (what is called “grounds” in legal terms). The only requirement is that you simply state that the marriage has irretrievably broken down for six months or more.
What is a divorce agreement?
The Agreement is a contract between you and your spouse and it will set forth all the terms and conditions of your divorce. This will include: dividing the marital assets, responsibility for debts, child custody, child support, parenting time, maintenance, as well as many other items.
What does a collaborative divorce mean?
If the mediation is successful, then the parties can get an uncontested divorce. A collaborative divorce means that you and your spouse agree to get a divorce.
What are the issues in divorce?
Most divorces have to resolve the following issues: (i) Child Custody; (ii) Child Support; (iii) Assets; (iv) Debts; (iv) Spousal Maintenance (a.k.a. alimony); and (v) the emotional impact. Clearly, if there are no children involved or if they are over the age of 21 years of age, ...
What is marital asset?
With limited exceptions, a marital asset is all property and assets acquired between the date of the marriage and before the execution of a separation agreement or the commencement of a matrimonial action. If the property was acquired while you were married, it doesn’t matter the form in which title is held.
What is the number 5 of alimony?
Number 5: Maintenance (alimony) Spousal Maintenance (formerly known as alimony). The purpose of spousal maintenance is to give a spouse, after the divorce, economic independence. Maintenance should continue only so long as it is necessary to allow that spouse to become self-supporting.
What happens when a couple divorces in Long Island?
When a Long Island couple divorces and the court is involved, the court must divide their property in a fair and equitable manner. However, this does not necessarily mean the couple's assets will be divided evenly.
Which states have equitable distribution?
Unlike community property states, such as California, Nevada, and Arizona, where a couple's assets are split down the middle, equitable distribution states look at the totality of a couple's circumstances and divides their marital property in a manner that is deemed fair.
What is separate property in a divorce?
When a couple's assets are divided, the first order of business is to determine what is marital property and what is separate property. Only marital property is subject to division in a divorce; therefore, each spouse gets to keep his or her separate property, which includes: 1 Property acquired before the marriage 2 Inheritances and gifts received by one spouse alone 3 Personal injury awards for one spouse 4 Any property distinguished as separate property in a prenuptial or postnuptial agreement
What is the tax consequences of division of assets?
The tax consequences of the division of the assets. Whether either spouse has wasted the marital assets. Any other factor the court deems relevant. When a couple's assets are divided, the first order of business is to determine what is marital property and what is separate property. Only marital property is subject to division in a divorce;
What factors are considered when dividing a couple's marital assets?
When a judge is dividing a couple's marital assets, he or she will consider the following factors before rendering a decision: The age and health of each spouse. The length of the marriage. Each spouse's income and assets. Any health insurance or inheritance rights a spouse loses because of the divorce.
What happens to a house when a divorce is titled in a wife's name?
Under the old system, when a couple divorced, their property was distributed to the spouse whose name was on the title. For instance, if a mortgage was titled in a wife's name alone because her credit was better than her husband's, she would get the house in the divorce.
What happens to health insurance after divorce?
Any health insurance or inheritance rights a spouse loses because of the divorce. When a couple's assets are divided, the first order of business is to determine what is marital property and what is separate property.
