Divorce comes with a multitude of life-changing considerations. How will you and your ex share custody of your children? Where will each of you live? Will you or your ex pay spousal maintenance?
One of the most concerning aspects of divorce is asset division. The New York State Unified Court System groups the property of spouses into two categories: separate and marital. Separate property includes any assets you owned before getting married, as well as inheritance; marital property includes assets you acquired as a married couple such as vehicles, real estate and bank accounts.
If you have questions about asset division, spousal maintenance or other divorce matters, turn to the Elliot Green Law Offices. Mr. Green is a family attorney in Queens who will evaluate your situation, provide legal guidance, and help you avoid mistakes that would compromise your personal or financial interests.
Our office is available 24 hours a day. Call 718-260-8668 to schedule a free consultation. You can also visit USAttorneys.com to learn more about divorce laws in New York.
13 Factors That Will Decide How Your Property Is Divided After a Divorce in New York
Spouses in New York have the right to choose how their property will be divided. However, couples do not always see eye to eye on this matter. If you and your spouse cannot agree on asset division and your case goes to court, the judge will consider the law of equitable distribution and how it applies to your situation.
It is important to remember that “equitable” does not mean “equal.” Courts rarely split marital property down the middle. Instead, your judge will decide what you need and allow you to argue for what you feel is reasonable.
There are 13 primary factors that a New York family court will consider when dividing marital property during a divorce:
- The amount of time the couple was married and the health and age of each spouse;
- The property and income of each spouse when they married and during the divorce;
- Any loss of pension or inheritance due to the divorce;
- If the couple has children, the court will evaluate if the custodial spouse needs to live in the marital residence;
- Whether one spouse will pay spousal maintenance;
- Any loss of health insurance due to the divorce;
- Non-liquid and liquid marital property;
- Whether one spouse helped the other advance his or her education or career;
- Any challenges in determining the value of assets such as businesses;
- Future financial situation of each spouse;
- Whether a spouse transferred marital property below the market value with the knowledge that the divorce was pending;
- Each party’s tax liability; and
- Whether a spouse has wasted marital property during the divorce.
If you have question about asset division, child custody or other divorce matters, contact the Elliot Green Law Offices. Mr. Green is a divorce lawyer in Queens who will demystify New York divorce laws and compassionately represent your interests. Call 718-260-8668 today to schedule a free initial consultation.