Westchester County Divorce Attorney
Gregory Salant is a Westchester County Divorce Attorney. If you are getting divorced in New York, it is important to know what property you get to keep and what you have to split with your spouse. The following points provide an outline of property division for divorce in New York.
Equitable Distribution
New York is an equitable distribution state, which means that marital property will be divided fairly between spouses. The court only becomes involved in property division if both spouses are unable to come to an agreement on how the property is to be divided between each other. So when a compromise cannot be reached, the court divides the property.
Separate property and marital property
Any property a spouse owned before marriage or any property that was received as an inheritance or gift during marriage is separate property. Marital property includes all property either spouse bought during the marriage. The court will divide only the marital property. However, the court will consider both types of property when deciding alimony.
Factors to consider when dividing property
The court divides property based on these factors:
The income of both parties at the time of marriage and at the time of filing for divorce.
The duration of the marriage, age and health of both parties.
Need of custodial parent to occupy or own the marital residence.
The loss of pension, health insurance, and inheritance rights upon dissolution of the marriage.
Any award of spousal maintenance (alimony).
Direct or indirect contributions to the acquisition of marital property.
If any marital property can be liquidated.
The financial circumstances of each party in the future.
The difficulty of evaluating any asset, business or profession, and the desirability of retaining it intact and free from interference.
Tax consequences to each spouse.
Wasteful dissipation of assets by either spouse.
Transfer of assets or marital property before the divorce was granted.
If you have questions or are considering divorce, contact Westchester County divorce attorney Gregory Salant of Harold, Salant, Strassfield & Rotbard, LLP for a free consultation today. Email him at gsalant@haroldsalant.com or call 914-683-2500.