In New York State, the division of marital property and debts in a divorce is referred to as “equitable distribution”. Equitable distribution is not necessarily an equal fifty-fifty split of the assets and debts. Sometimes equitable distribution will comprise of an equal division of assets and debts and sometimes it will be an unequal allocation of such property. The actual distribution of the marital property will be determined by the facts of the marriage and the nature of the property to be distributed.
Marriage is viewed as an economic partnership wherein, the law sees each party as contributing in his or her own way to the partnership, the family and to the acquisition of money and property. If the marital partnership should be terminated, then the dissolution of the partnership must be achieved by either judicial decree or by agreement of the parties.
There are several concepts in the law applicable to the division of marital assets. New York is a separate property state which means that property acquired prior to the marriage remains the separate property of that individual and property acquired during the marriage is marital property, with a few exceptions such as gifts or inheritance. Marital property is subject to equitable distribution regardless of whose name the asset is in and regardless of whether one spouse is the working spouse and the other is the homemaker. Generally, marital property is any property acquired by either or both spouses during the marriage and before the commencement of a divorce proceeding or the execution of a separation agreement or prenuptial agreement.
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My spouse and i undoubtedly are in agreement with the whole lot. Involved a little bit to read simple things but it surely was well worth it. I’m want to went through a few other articles on this web site and then determine in case there is other things i mean beneficial like that
As a lawyer myself, its always nice to hear descriptions of legal issues that people mot trained in the law can understand. I went to law school in Ohio, took the bar in Washington, and have attended a couple of CLEs on Collaborative Law. I transitioned from law to management consulting 11 years ago and then to workplace and life-transition coaching a few years ago. The legal issues surrounding divorce are complicated. I especially love the emergence of Collaborative Divorce. It creates an environment that addresses some of the topics Kendra raises.
This made me think of how many people (especially women) make assumptions about the divorce laws in their state, and proceed to plan based on those assumptions, not the facts. Getting the right information like this is so important before irrevocable decisions are made.
divorce is such a painful chapter in a women’s life, not to mention her families. the resources that you’re providing for women is a huge asset (no pun intended). it’s so heart breaking to know that at the end of a marriage it get so ugly and it can at times come down to who gets what. it’s amazing to have the support knowing that there must be logic employed vs choices based on emotions.
This is so interesting – I live in OK and we do not have this kind of law so often times the distribution of assets falls unevenly to the higher wage earner. I knew there was another reason I missed NY
This is similar, if not identical, to what the laws in VA are….it makes sense to me! Thanks for sharing.
I just had this conversation with a friend the other day. Another friend of mine is a Forensic Accountant who mostly deals in divorce litigation. Sticky. Anyway, I know from my own experience, the experience of others and from the experience of my forensic accounting friend that all of this is soooo true. Tons of grey area. Thanks for reminding people who are dealing with this that it is not clear cut. I am going to read this to my friend who seemed convinced this sort of thing IS clear cut.
It is so important to realize and be clear about the facts, as divorce can be such an emotional process. One lawyers i feel, can take advantage of. When both sides are trying to make the other one wrong and use the judicial system to keep hurting each other. Very sad. I was divorced a long time ago and gratefully, we were able to do it responsibly, each acknowledging it was over. But, I still realize, you need to know the facts. And you have spelled out this facet very well .
Thanks for a crisply written, informative piece. This is a great resource for people who live in NY.
As a former lawyer, albeit never a divorce lawyer, I never had to deal with this. And I so hope I never have to drive down this road personally.
Looks like I should have gotten my divorce in NY.
Thanks for the education.
Thanks for the insight on this. I too thought it meant split down the middle. I am lucky that when I was divorced many years ago we had nothing to split! That mad things really easy.
I yearn for the day when the collective supports partnerships not as transactional entities, but as empowered unions. Let’s re-write our story to uplift the consciousness of all parties involved.
Having experienced divorce, and now preparing for marriage, I am witnessing first-hand how much social constructs can play into the behaviors that lay a relationship’s foundation.
I call for radical honesty, personal responsibility, and community support. Where there is good communication and loving facilitation, details work themselves out with greater ease.
It seems appropriate to acknowledge the intensity involved in such an emotional experience as divorce. If each party can let go of who they think they are and what they think their life is about, personal identity is less at stake, expanding the opportunity to learn, forgive, and heal.
Learned something new reading this post. I always thought it was equal distribution. HA! Its a complicated issue, best to see if both parties can work it out before getting a divorce, from the sound of this, looks like someone will get the shorter end of the stick. Enlightening article!
Definitely a complex issue, but I suppose it addresses each partner’s contribution and need.