Division of Property

New York is considered to be an "equitable distribution" state. This means that separate property will remain with the spouse who owns it. Separate property includes any property owned before marriage as well as gifts and inheritances. Separate property will also include gains earned on separate property and property that is acquired in exchange for separate property.

On the other hand, marital property, or property that is acquired during the marriage, is equitably divided between the two spouses based on the following criteria:

• The contribution of spouses to obtaining said marital property - this includes the contribution of spouses serving as a homemaker
• Income and value of spouse's property at the time of marriage and at the time of divorce
• Probable future financial situations of each spouse
• The length of the marriage
• The age and overall health of both spouses
• The sources of income and amounts of the spouses
• Any potential loss of inheritance or pension rights that may occur once marriage is dissolved
• Whether the property is considered as part of the maintenance
• Needs of children who require a custodial parent to occupy the marital home
• The types of marital property in question (i.e., liquid or non-liquid)
• How difficult it may be to determine a spouses interest in property ownership or other investment
• Tax consequences which may come to either party
• Wasteful disposal of assets
• Any noted transfer of property that may have been made in anticipation of divorce by either party
• Other factors required to determine a fair division of property between the two spouses